Monday, March 4, 2024

U Microfinance Bank Posted a Net Profit of 1.7 Billion for the Nine-Months Ended 30th September, 2023

U Microfinance Bank Limited, Pakistan’s fastest-growing microfinance bank, has announced financial results for the nine months ended September 30th, 2023. The announcement was made during the Board of Directors’ meeting held in Islamabad on December 5th, 2023.

The latest financial results underscore U Bank’s continued growth trajectory and bear testament to its unwavering commitment to banking excellence and the financial empowerment of its customers. In the first nine-months of 2023, U Bank has continued its performance and reported a total revenue of PKR 33.4 billion, with a promising growth of 135% as compared to the same period of last year. The bank has reported a Profit After Tax of PKR 1.7 billion, with a remarkable growth of PKR 2.2 billion as compared to the corresponding period’s nine-month ended loss (Restated) of PKR 513 million. Total Deposits of the bank stood at PKR 103 billion with a growth of 44% YoY, while the Gross Loan Portfolio amounting to PKR 72.5 billion exhibited an impressive growth of 59% YoY.

Mr. Mohamed Essa Al Taheri, President & CEO – U Microfinance Bank Limited stated, “Our latest performance results reflect the hard work and dedication of our teams. We have always had full confidence in our institution’s ability to navigate challenges and remain profitable. U Bank remains steadfast in its core mission of promoting financial inclusion for all and contributing to the economic prosperity of the people of Pakistan. We look forward to a future of sustained growth while we continue our endeavor to expand our outreach and make a positive impact on the lives of the communities we serve.”

As a beacon of financial inclusion, U Bank continues to exhibit strong financial management and performance, a far-sighted business sustainability strategy, and a consistent commitment towards financial inclusion in Pakistan. The bank has been ranked as A+ for its long-term credit rating by PACRA and VIS Credit Rating agencies, while its expanding network of brick-and-mortar branches has crossed 350 in number across rural and urban regions of the country. It continues to play a pivotal role in economically uplifting lives, catering to customers of all socioeconomic segments, through its diverse portfolio of deposit and loan products, including digital banking, Islamic banking, and corporate banking services. The financial statements can be viewed here: https://ubank.com.pk/Downloads/FS-30Sept2023.pdf

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