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U Microfinance Bank posted a net profit of 1.7 billion for the nine months ended 30th September 2023

09:22 AM | 6 Dec, 2023
U Microfinance Bank posted a net profit of 1.7 billion for the nine months ended 30th September 2023

ISLAMABAD - U Microfinance Bank Limited, Pakistan’s fastest-growing microfinance bank, has announced financial results for the nine months ended September 30th, 2023. The announcement was made during Tuesday's Board of Directors' meeting in Islamabad.

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% compared to last year.

 The bank has reported a Profit After Tax of PKR 1.7 billion, with a remarkable growth of PKR 2.2 billion compared to the corresponding period’s nine-month ended loss (Restated) of PKR 513 million. The bank's total deposits 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 our teams' hard work and dedication. 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 endeavour 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 plays 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.

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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