U Bank’s Profit Surpasses Rs. 1 Billion in 9 Months of 2022

U Microfinance Bank maintained its profitability spree in the current year as its profit surpassed Rs. 1 billion in the first nine months of 2022 despite the challenges in the niche market which was affected by floods mainly in rural areas. According to the financial results, the bank reported a profit of Rs. 1.239 billion during the period of January to September 2022 as compared to a profit of Rs. 853 million in the corresponding period of the last year, showing an increase of Rs. 386 million or 44 percent. The profit growth of the bank is also contributing handsomely to the profitability of the parent company. The bank continued to expand its branches’ network whilst it has been focusing on Islamic banking for the growth of the business which it launched last year and continued to receive positive responses from the customers. The earnings per share of the bank also increased to Rs. 3.38 from Rs. 2.28. The bank made notable progress in the business which also reflects a growing trajectory in financial numbers. For instance, the assets values of the bank surged to over Rs. 120 billion, and over 70 billion deposits were parked in the bank. The bank has one of the largest footprints in Pakistan with over 240 branches. It is also operating a branchless banking service UPaisa with 50,000 active point of sales.