PTCL invests PKR 1 bln in U Bank

Wednesday 24 January 2018 | 08:00 CET | News
Pakistani operator PTCL has injected an additional equity of PKR 1 billion in U Microfinance Bank, which is a wholly owned subsidiary of PTCL. This capital injection aims to enable the bank to capitalize on the growth opportunities possible in Pakistan’s microfinance sector.

U Bank currently serves around 625,000 customers, where 30 percent of the served customers are women. U Bank’s deposit portfolio grew from PKR 8.1 billion in 2016 to PKR 11.97 billion at 31 December 2017, while the loan portfolio grew from PKR 5.5 billion to PKR 10.64 Billion. The bank’s number of employees increased from to 939 to 1253, where 9 percent of the total work force comprises of women.

U Bank’s branchless banking offers services under the banner of UPaisa, in collaboration with Ufone. This service is offered at nearly 45,000 agent locations across Pakistan.