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U Microfinance Bank Announces Continued Profitability in Latest Financial Results

06:56 PM | 1 Dec, 2023
U Microfinance Bank Announces Continued Profitability in Latest Financial Results

ISLAMABAD - U Microfinance Bank, Pakistan’s fastest-growing microfinance bank, has published its financial results for the half year ended 30th, June 2023, at its Board of Directors’ meeting held in Islamabad on November 30th, 2023.

During the first half of 2023, the bank reported revenue of PKR 21.5 Billion with a growth of 133% as compared to the corresponding period of last year and also announced a Profit After Tax of PKR 1.4 Billion with a growth of PKR 1.6 Billion as compared to corresponding period half-year loss (restated) of PKR 175 Million.

Being one of the leaders in the microfinance landscape in Pakistan, U Bank’s Gross Loan Portfolio stood at PKR 65.5 Billion, reflecting the high demand for its diverse portfolio of financial products and services catering to the banking needs of multiple population segments of Pakistan.

U Bank’s sustained growth and stability are proudly reaffirmed by the A+ long-term entity ratings with a ‘Stable’ outlook, as given to it by PACRA and VIS Credit Rating agencies in Pakistan. These ratings reflect U Bank’s promising business strategy and solid foundation ensuring reliability and financial strength.  

In addition to its healthy banking performance, U Bank also continues to have strong confidence and unwavering support from its parent company, Pakistan Telecommunication Company Ltd. (PTCL) which has injected PKR 1.6 Billion into the bank, reinforcing its ability to uphold business growth.

U Bank continues on its journey towards its core mission of financial inclusion for all of Pakistan, with its extensive network of 350+ branches spanning rural and urban regions across the country, catering to customers of all socioeconomic segments, and offering a diverse portfolio of deposit and loan products, including digital banking, Islamic banking, and corporate banking services. The bank remains steadfast in its commitment to creating a positive impact in the communities it serves, contributing to inclusive growth and economic empowerment in Pakistan.

The financial statements can be viewed here: https://ubank.com.pk/Downloads/FS-30June2023.pdf

Daily Pakistan Global Web Desk

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Rupee exchange rate to US Dollar, Euro, Pound, Dirham, and Riyal - 28 Feb 2024

Pakistani currency remains momentum against US dollar in the open market on February 28, 2024 (Wednesday).

US Dollar rate in Pakistan

In the open market, the US dollar moves up and currently hovers at 282 for buying and 282.25 for selling.

Euro currently stands at 303.1 for buying and 306.1 for selling while British Pound rate stands at 351.6 for buying, and 355.1 for selling.

UAE Dirham AED hovers at 76.1 whereas the Saudi Riyal saw slight increase, with new rates at 74.25.

Today’s currency exchange rates in Pakistan - 28 Feb 2024

Source: Forex Association of Pakistan. (last update 09:00 AM)
Currency Symbol Buying Selling
US Dollar USD 282 282.25
Euro EUR 303.1 306.1
UK Pound Sterling GBP 351.6 355.1
U.A.E Dirham AED 76.1 76.8
Saudi Riyal SAR 74.25 75.05
Australian Dollar AUD 181.1 183.1
Bahrain Dinar BHD 742.91 750.91
Canadian Dollar CAD 207.1 209.1
China Yuan CNY 38.87 39.27
Danish Krone DKK 40.61 41
Hong Kong Dollar HKD 35.75 36.1
Indian Rupee INR 3.37 3.48
Japanese Yen JPY 2.10 2.18
Kuwaiti Dinar KWD 905.46 914.46
Malaysian Ringgit MYR 58.5 59.1
New Zealand Dollar NZD 173.05 175.05
Norwegians Krone NOK 26.41 26.71
Omani Riyal OMR 725.54 733.54
Qatari Riyal QAR 76.74 77.44
Singapore Dollar SGD 207.15 209.15
Swedish Korona SEK 27.04 27.34
Swiss Franc CHF 317 319.5
Thai Bhat THB 7.76 7.91

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