U Microfinance Bank posted Net Profit of Rs 1.7 billion for nine-months ended 30 September 2023

BusinessU Microfinance Bank posted Net Profit of Rs 1.7 billion for nine-months...

ISLAMABAD, Pakistan: U Microfinance Bank Limited, Pakistan’s fastest-growing microfinance bank, has announced financial results for the nine months ended September 30, 2023.

The announcement was made during the Board of Directors’ meeting held in Islamabad on December 5, 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.U Microfinance Bank

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.

The 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

Mati
Mati
Mati-Ullah is the Online Editor For DND. He is the real man to handle the team around the Country and get news from them and provide to you instantly.

Must read

Recent News

PPP Senator tables resolution in Senate to ban all Social Media platforms in Pakistan

0
ISLAMABAD, Pakistan: The Pakistan People's Party Parliamentarian (PPPP) Senator Bahramand Khan Tangi has tabled a resolution in the Senate demanding a ban on all...

NDMA issues weather advisory

0
ISLAMABAD, Pakistan: Apropos NDMA's NEOC prediction most parts of the Country are likely to experience moderate to heavy rainfall isolated thunderstorms are expected with...

13th Anniversary of Shahbaz Bhatti’s Assassination: Human Rights Advocates Call for Justice and an...

0
The minority rights activists from around the world unite in somber remembrance on the 13th anniversary of the martyrdom of Shahbaz Bhatti, Pakistan’s former...

SIC fields Mahmood Khan Achakzai as its Presidential Candidate

0
The Pakistan Tehreek-e-Insaf (PTI)-backed Sunni Ittehad Council (SIC) has nominated the Pakhtunkhwa Milli Awami Party (PkMAP) Chairman Mahmood Khan Achakzai as its Presidential Candidate...

Raoof Hasan may be next to sacrifice for mitigating adverse reaction of writing an...

0
Islamabad, Pakistan: Sensing the gravity of the political recklessness of writing an anti-Pakistan letter to the International Monetary Fund (IMF) to halt the March...
Advertisement