Mobilink Microfinance Bank Posts 31.7% Profit Growth in 2022

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Mobilink Microfinance Bank Limited (MMBL) has announced its financial results for the year ended December 31st, 2022.

The company posted a profit after tax of Rs. 958.29 million for 2022, indicating a 31.7 percent year-on-year (YoY) growth from a profit of Rs. 727.68 million in 2021.

The bank has delivered strong financial results, and posted a pre-tax profit of Rs. 1.12 billion, depicting an annual increase of 6.6 percent.

The total non-markup/non-interest income of MMBL increased by Rs. 310 million or 5 percent to Rs. 6.51 billion, while the non-markup/non-interest expenses skyrocketed by 36 percent to Rs. 18.47 billion during the calendar year in review.

Cash and balances of MMBL with the State Bank of Pakistan (SBP) and National Bank of Pakistan (NBP) arrived at Rs. 6.34 billion in CY22. Meanwhile, its balances with other banks stood at Rs. 5.61 billion.

MMBL’s Advances-net of provisions increased from Rs. 37.46 billion last year to Rs. 56.21 billion in CY22. Its investments net of provisions declined from Rs. 13.26 billion last year to Rs. 8.34 billion in CY22.

The company’s total assets jumped from Rs. 69.15 billion to Rs. 81.47 billion. Deposits and other accounts surged to Rs. 64.76 billion, up from Rs. 58.65 billion reported in CY21. Meanwhile, in CY22, the total liabilities of the company increased to Rs. 75.58 billion from Rs. 63 billion.

Earnings per share of the bank was reported at Rs. 3.53 in 2022 as compared to Rs. 2.68.

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