Despite difficult economic conditions, Mobilink Bank, a digital operator that is a part of the VEON group, showed outstanding revenue growth in the first quarter of 2023. According to the bank’s unaudited financial filings, its significant emphasis on digital banking services and branchless banking network has resulted in an amazing 48% growth in revenue.
Additionally, branchless banking revenue increased by 61% year over year (YoY) for Mobilink Bank. The average ticket size of loans provided also dramatically increased in the first quarter of 2023, hitting PKR 288,000, up 42% from the previous quarter. Additionally, the bank’s profit before tax (PBT) rose by 298% when compared to the same time last year.
The bank’s impressive revenue increase, according to Ghazanfar Azzam, President & CEO of MMBL, is a result of its great performance across all business verticals and customer-centric strategy. Mobilink Bank has worked tirelessly to meet its goals, which include offering inclusive and cutting-edge digital financial products to a wide range of clientele.
Mobilink Bank has forged strategic alliances with a number of parties, including the Swiss Capacity Building Facility (SCBF) and CARE International in Pakistan, to further its goals of financial inclusion. Through these strategic partnerships, the bank has been able to use its knowledge of finance and digital banking to create new products and services that are tailored to the particular requirements of underserved and marginalised populations.
The success of Mobilink Bank provides an example for other businesses of how a single-minded concentration on client pleasure and financial inclusion can result in long-term growth and profitability. As the bank enters the second quarter, it is still committed to providing cutting-edge banking solutions to all of its clients and promoting economic expansion.
The outstanding financial results Mobilink Bank achieved in the first quarter of 2023 show the bank’s strong commercial resilience and dedication to promoting financial inclusion in Pakistan. With the help of its branchless banking network and digital banking services, the bank has been able to reach underserved populations and experience significant revenue growth.