U Microfinance Bank has announced its financial results for the year ended December 31st, 2022.
The bank posted a profit after tax of Rs. 2.25 billion for 2022, indicating a 102.5 percent year-on-year (YoY) growth from a profit of Rs. 1.11 billion in 2021.
The bank maintained its profitability spree in the current year and delivered strong financial results, posting a pre-tax profit of Rs. 2.45 billion, depicting an annual increase of 81 percent.
During the year, the bank adopted IFRS-9 while creating a significant reserve of Rs. 3.7 billion.
The bank’s Advances-net of provisions increased from Rs. 34.37 billion last year to Rs. 59.28 billion in CY22. Its investments skyrocketed from Rs. 46.56 billion last year to Rs. 137.33 billion in CY22.
The company’s total assets jumped from Rs. 104.57 billion to Rs. 221.29 billion. Deposits and other accounts surged to Rs. 92.2 billion, up from Rs. 55 billion reported in CY21. Meanwhile, in CY22, the total liabilities of the company increased to Rs. 214.19 billion from Rs. 97.08 billion.
Earnings per share of the bank were reported at Rs. 6.10 in 2022 as compared to Rs. 3.60.