Profits of U Microfinance Bank increased by three times in 2017

0
30

 U Microfinance Bank

With the rising profits, U Microfinance Bank has made great advance during the year 2017. Its profits have increased three times as a result of rising volumes of loans to beneficiaries. Also, due to the interest margins earned against it.

Against the profit of Rs.72.3 million in 2016, U Microfinance’s profits for the year 2017 were Rs.258 million a huge increase. It has earned Rs.1.4 billion income from interests in 2017 which was Rs.578 million in the year 2016. And non-income profit stood at Rs.458 million in 2017 and Rs.318 million in 2016.

U Microfinance Bank Limited’s Ubank provides branchless banking services known as U paisa with the aid of Ufone. Ubank is a subsidiary of PTCL.

Loan customers of Ubank increased from 118160 in 2016 to 625163 in 2017. Out of these 30% are females and the overall deposits grew by Rs.8.1 billion to Rs.11.97 billion.

And also the network of U Microfinance bank increased from 100 to 119 and the staff depicted increase from 939 employees in 2016 to 1321 in 2017 and this comprises 9 percent women out of the total.

Now the bank is focusing on increasing its reach in rural areas of the country to give them access to banking services and loans.

LEAVE A REPLY

Please enter your comment!
Please enter your name here