December 06, 2023 – Islamabad: U Microfinance Bank Limited, Pakistan’s fastest-growing microfinance
bank, has announced financial results for the nine months ended September 30 th , 2023. The
announcement was made during the Board of Directors’ meeting held in Islamabad on December 5 th ,
2023.
The latest financial results underscore U Bank’s continued growth trajectory and bear testament to its
unwavering commitment to banking excellence and the financial empowerment of its customers. In the
first nine-months of 2023, U Bank has continued its performance and reported a total revenue of PKR
33.4 billion, with a promising growth of 135% as compared to the same period of last year. The bank has
reported a Profit After Tax of PKR 1.7 billion, with a remarkable growth of PKR 2.2 billion as compared to
the corresponding period’s nine-month ended loss (Restated) of PKR 513 million. Total Deposits of the
bank stood at PKR 103 billion with a growth of 44% YoY, while the Gross Loan Portfolio amounting to
PKR 72.5 billion exhibited an impressive growth of 59% YoY.
Mr. Mohamed Essa Al Taheri, President & CEO – U Microfinance Bank Limited stated, “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 beacon of financial inclusion, U Bank continues to exhibit strong financial management and
performance, a far-sighted business sustainability strategy, and a consistent commitment towards
financial inclusion in Pakistan. The bank has been ranked as A+ for its long-term credit rating by PACRA
and VIS Credit Rating agencies, while its expanding network of brick-and-mortar branches has crossed
350 in number across rural and urban regions of the country. It continues to play a pivotal role in
economically uplifting lives, catering to customers of all socioeconomic segments, through its diverse
portfolio of deposit and loan products, including digital banking, Islamic banking, and corporate banking
services.
The financial statements can be viewed here: https://ubank.com.pk/Downloads/FS-30Sept2023.pdf
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