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.