U Microfinance Bank Limited, recognized as Pakistan’s fastest-growing microfinance bank, has revealed its financial results for the nine months ending on September 30th, 2023. The announcement was made during a Board of Directors’ meeting convened in Islamabad on December 5th, 2023.
The financial outcomes underscore the bank’s persistent growth trajectory and validate its unwavering commitment to banking excellence and the financial empowerment of its clientele. In the initial three quarters of 2023, U Bank continued to perform robustly, reporting a total revenue of PKR 33.4 billion, marking an impressive growth of 135% compared to the corresponding period the previous year.
The bank declared a Profit After Tax of PKR 1.7 billion, showcasing a notable increase of PKR 2.2 billion compared to the loss (Restated) of PKR 513 million for the same nine-month period the previous year. Total Deposits for the bank amounted to PKR 103 billion, registering a growth of 44% Year on Year (YoY). Simultaneously, the Gross Loan Portfolio, totaling PKR 72.5 billion, exhibited a remarkable growth of 59% YoY.
Mohamed Essa Al Taheri, President & CEO of U Microfinance Bank Limited, commented on the results, stating, “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 prominent advocate of financial inclusion, U Bank continues to showcase robust financial management and performance, driven by a forward-thinking business sustainability strategy and an unwavering commitment to financial inclusion in Pakistan.
The bank holds an A+ long-term credit rating from PACRA and VIS Credit Rating agencies. With a network exceeding 350 brick-and-mortar branches across rural and urban regions, U Bank plays a pivotal role in uplifting lives economically.
It caters to customers from diverse socioeconomic segments through a comprehensive portfolio of deposit and loan products, encompassing digital banking, Islamic banking, and corporate banking services.
