Mobilink Bank exhibited significant growth in the first three quarters of 2023, as evidenced by the Q3 financial statements. This milestone highlights the Bank's dedication to supporting Micro, Small, and Medium-Sized Enterprises (MSMEs), supported by substantial deposit growth and improvements on multiple indicators. Mobilink Bank's Q3 2023 growth trajectory exemplifies its commitment to embracing a holistic approach that goes beyond profitability, focusing on providing innovative, value-driven solutions tailored to foster economic well-being and prosperity for all while addressing the evolving needs of its borrowers.
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Mobilink Bank is part of the VEON group, a global digital operator that provides converged connectivity and online services across seven countries. As part of its digital operator strategy, VEON is transforming people's lives by creating opportunities for increased digital inclusion and by driving economic growth across countries that are home to more than 8% of the world's population.
Mobilink Bank's total revenue surged by 64% in Q3 2023, demonstrating its strong customer attraction and retention capabilities. During this period, the Bank's Profit Before Tax (PBT) experienced a growth of 299% compared to 2022, solidifying its standing as a leading digital microfinance institution.
The Bank's deposits experienced a 16% increase from FY 2022, reaching PKR 75 billion. The core banking deposits grew by 12% compared to the previous year, reaching PKR 23 billion, while JazzCash segment deposits powered by Mobilink bank increased by 19%, reaching PKR 52 billion in Q3 2023.
Mobilink Bank is dedicated to promoting MSME financing across Pakistan. Over PKR 11 billion, 22% of its Gross Loan Portfolio (GLP), is extended to 69,470+ female customers nationwide, championing gender equality and stimulating economic activity. Additionally, the Bank disbursed PKR 26 billion in loans to MSMEs, with a significant growth of 38% from 2022.
Applauding the Bank's strong performance, Ghazanfar Azzam, President & CEO Mobilink Bank, and Taimoor Farid, Acting Chief Financial Officer & Director Strategy Mobilink Bank, expressed their satisfaction with the robust financial results in Q3 2023. They highlighted the remarkable growth in deposits, emphasizing that this success reflects the trust of our valued customers. Furthermore, they underscored their commitment to fostering future economic growth through continued financial support and tailored solutions for the vital MSME sector, emphasizing the significance of the increased engagement with MSME depositors.
Despite the uncertainties stemming from high inflation, the Bank expanded across all its verticals. In Q3 2023, the average ticket size increased by 23% to PKR 275K, resulting in a 64% revenue growth, reaching PKR 27.8 billion, compared to Q3 2022.
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The core banking revenue experienced an upswing of 54%, reaching PKR 13.8 billion, while branchless banking revenue increased by 76%, amounting to PKR 13.9 billion during the corresponding period.
Mobilink Bank's success, with a 17.3% Return on Equity (ROE) and a 1.2% Return on Assets (ROA), highlights its effective and forward-thinking strategy. These returns showcase the Bank's profitability and dedication to supporting MSMEs. Moving forward, the Bank remains committed to maintaining its high level of performance while providing dedicated support to empower its valued MSME borrowers, particularly women, for sustainable development.