Breaking Records: Mobilink Bank’s Revenue Hits New Heights
One of the fastest growing electronic banks of the country, Mobilink, has recorded a strong
growth of the business activities in the first quarter of 2024. To contrast with it, the bank’s income more than two times increased over the same period, amounting to PKR 2.1 billion, which was more than before, of PKR1 billion. Similarly to this, these large revenue growths were provided by raising numbers of customers and the total Sum of the business.
By the end of March 2024, total assests of this microfinance institution exceeded 1 million PKR reaching the trillion mark achieving impressive 101% growth rate over the past year. Funding of expansion of this asset was done mainly through customer deposits which grew by almost 129% year to year to PKR86 billion. The bank’s pool of depositors increased dramatically reaching up to 100,000 reflecting the elation of the customers in Mobilink Bank.
On digital front accordingly, Mobilink Bank‘s active mobile wallet user base grew as much as 116% per annum to 1.7 million during the year under review. The amount of the mobile transactions through the bank’s wallet apps which was digital in nature exceeded nearly a record PS 68 billion navigation. The digital banking strategy of the bank was a success. Digital payments were not the only ones that the mobile wallet branches of Mobilink Bank provided. More than 650,000 customers were able to avail themselves of services like consumer lending, global remittances, and Program Savings.
As far as financing is concerned, Mobilink Bank’s credit book exceeded by 124% from the annual previous value standing at 39 billion Pakistani Rupees. The lending remained diversified mostly in consumer loans, credit cards and SME lending operations. On the same track, a great collaboration was done with micro-finance and technology institutions to increase the number of people accessing credit.
Ghazanfar Azzam, the President and CEO of Mobilink Bank shared his excitement, claiming “ I am proud of our performance in the first months of the year. Sales more than doubled, while the number of users increased drastically. The potential of new channels for attracting, engaging with, and retaining customers is going to drive our profitability as we use our digital and data analytics power.”
He has also mentioned, “ The State Bank of Pakistan policies have given us the leverage to adapt to digital convenience and financial inclusion. Whether it be online lending, mobile wallets or biometrically enabled accounts, we are dedicating in uplifting the socially excluded sections of our society to a better standard of living in Pakistan. I envision the Mobilink Bank will lead us to the heights of revenue in the forthcoming years
The outcomes fasten the market reputation of Mobilink Bank as the fastest growing digital banking organization in Pakistan. The bank is determined to build the best digital financial services platform in Pakistan by incorporating cutting-edge technology and analytics with a customer-driven approach. Within the next few years, the bank aspires to spearhead the industry as the #1 digital financial services provider in Pakistan.
The makeup of the population in Pakistan is a young one that is informed as well as aware of the usage of technology, and the widespread adoption of smartphones provides a huge chance to digital banking models. Mobilink Bank leverages through its technology platform and distribution partnerships to target that potential market in the next ten years. Bank has come up with its financial products that are designed to meet all the needs of every class of Pakistani people and economically provide them the power to do so.
