U Microfinance Bank Limited, which had its Board of Directors meeting on December 5, 2023, in Islamabad, has released strong financial results for the nine months ending on September 30, 2023. The bank continued to thrive, reporting PKR 33.4 billion in total income, a significant 135% rise over the same period the previous year. Remarkably, the profit after tax increased to PKR 1.7 billion, a substantial increase from the PKR 513 million loss at the same time. Overall deposits increased by 44% to PKR 103 billion year over year (YoY), while the gross loan portfolio grew by an astounding 59% YoY to PKR 72.5 billion.
The President and CEO of U Microfinance Bank Limited, Mr. Mohamed Essa Al Taheri, commended the hard work of their teams and underlined the organization’s ability to overcome obstacles without sacrificing profitability. He reaffirmed the bank’s dedication to promoting financial inclusion and bolstering the economy of Pakistan.
U Bank, which is well-known for its commitment to inclusive banking and financial prudence, has an A+ long-term credit rating from VIS and PACRA. With more than 350 locations in both urban and rural regions, the bank’s extensive range of deposit and loan products—which include corporate services, Islamic banking, and digital banking—helps elevate several socioeconomic groups.
The bank’s history is indicative of its strong commitment to promoting financial inclusion in Pakistan, its forward-thinking sustainability strategy, and its stable financial management.
The financial statements can be viewed here: https://ubank.com.pk/Downloads/FS-30Sept2023.pdf
