Mobilink Microfinance Bank Limited | PPTFC | Dec-22

CREDIT RATING REPORT | Oct-25

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Rating History
Dissemination Date Long-Term Rating Short-Term Rating Outlook Action Rating Watch
13-Oct-25 A- - Stable Maintain -
17-Apr-25 A- - Stable Maintain -
31-Jan-25 A- - Stable Maintain -
02-Aug-24 A- - Stable Maintain -
02-Feb-24 A- - Stable Maintain -
About the Instrument

MMBL has issued Rated, Privately Placed Listed, Unsecured, Tier II Term Finance Certificates ("TFC") of PKR 2bln with tenor of 7 years to contribute towards the Bank’s Tier II capital for complying with the MCR and CAR requirement. The profit is being paid semi-annually in arrears at the rate of 6MK+210bps p.a on the basis of the outstanding principal amount. Callable after five years, the call option is subject to SBP compliance on MCR, LR, and CAR. Principal will be repaid in four equal installments starting May 23, 2028. The Bank paid its fifth semiannual markup of PKR 156mln on May 23, 2025.

Rating Rationale

Mobilink Microfinance Bank Limited's ("MMBL" or the "Bank") ratings are supported by its affiliation with Veon, a leading global telecom group, and Jazz, Pakistan’s largest cellular operator. During previous years, the microfinance industry faced substantial headwinds driven by rising NPLs amid a strained economic landscape marked by inflation, high interest rates, and asset quality concerns. These macroeconomic headwinds led to increased credit risk, especially among vulnerable segments such as agriculture and livestock, and negatively affected borrowers’ repayment capacity. In response to the backlog stemming from these challenges, MMBL markedly increased its credit loss provisions. The Bank reported Expected Credit Losses (ECLs) of PKR 10.7bln for 6MCY25, including provisions of PKR 7.4bln related to the nano-lending portfolio. (6MCY24: PKR 5.3bln including PKR 3.6bln for nano-lending portfolio). To address the deteriorating credit environment, VEON Microfinance Holding B.V., the Bank’s majority shareholder, reinforced its support for MMBL’s long-term strategy through a capital injection of USD 35mln (~PKR 10bln) to strengthen the Bank’s capital base. Out of this, USD 15mln (~PKR 4.2bln) was injected in CY24, while USD 5mln (~PKR 1.4bln) was infused in Sep'25. The remaining USD 15mln is expected by the end of CY25. This capital infusion is intended to 1) enhance the Bank’s equity and provide a buffer for its CAR 2) support the growth of its MSME and digital lending portfolio, and 3) facilitate continued investments in digital transformation and technology upgrades. The Bank's business model prioritizes both core and branchless banking, utilizing the sponsor's network and brand name, JazzCash, to accelerate growth in the branchless banking sphere. As of 6MCY25, the Bank captured a market share of 16% in terms of Gross Loan Portfolio (CY24: 18%). During 6MCY25, the Bank's net markup income inclined to PKR 25.5bln (6MCY24: PKR 18.9bln) of which PKR 15.9bln (6MCY24: PKR 10.8bln) stemmed from markup income on nano loans. The incline in markup income on nano loans was fueled by a 25% expansion in nano loans portfolio, reaching PKR 18.3bln in 6MCY25 (6MCY24: PKR 14.6bln). Whereas, the net profitability of the Bank stood at PKR 902mln during 6MCY25 (6MCY24: PKR 948mln). As of 6MCY25, the equity of the Bank stood at PKR 10.3bln with CAR stood at 17%, including a Tier I CAR of 12.4% (CY24: PKR 9.4bln with CAR of 19.16%). Going forward, maintaining the CAR above the mandated regulatory threshold is considered imperative.

Key Rating Drivers

The Bank's ratings are contingent upon its capacity to effectively mitigate emerging risks under the prevailing circumstances to preserve its business and financial risk profile.

REPORT CONTENTS
  1. Rating Analysis
  2. Financial Summary
  3. Rating Scale
  4. Regulatory Disclosure

Mobilink Microfinance Bank Limited | PPTFC | Dec-22

rating analysis

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Issuer Profile
Profile

Mobilink Microfinance Bank Limited (or the “Bank”) was incorporated in February 2012 under the Companies Act, 2017. The Bank has a network of 114 branches. It commenced its operations in April 2012 and launched branchless banking services under the brand name "JazzCash" in partnership with Pakistan Mobile Communications Ltd. (Jazz), in November 2012. Mobilink Microfinance Bank offers a range of micro-lending products comprising: (i) Karobar Loan, (ii) Khushhal Kisan Loan, iii) Fori Cash Loans, (iv) Livestock loans (v) House Loan, (vi) Tractor Loans, (vii) Passbook loan & (viii) Micro Enterprise Loan. It is one of the largest digital banks in the Country.


Ownership

Mobilink Microfinance Bank Limited is a subsidiary of Veon Microfinance Holdings B.V (V.M.H), with effect from March 27, 2020, upon transfer of 99.99% shareholding in the Bank from Global Telecom Holdings (GTH). The ultimate parent of the Bank is Veon Holdings Limited. The ownership structure of the Bank is considered stable, as it has sole ownership of a strong sponsor. Veon is an international telecommunication and technology-oriented business with more than 220 million customers. Veon's total asset base clocked in at USD 8,463mln while equity stood at USD 1,496mln, as of end-6MCY25, depicting a robust financial position of the ultimate sponsor.


Governance

The overall control vests in the seven-member Board of Directors (BoD). The Board comprises four non-executive directors, two independent directors, and one executive director (the CEO of the Bank). Mr. Aamir Hafeez Ibrahim is the Chairperson of the Board. The directors are experienced professionals, having exposure in different sectors, including microfinance and telecommunication. The Board exercises its oversight via four committees, namely (i) Audit Committee, (ii) Risk Management & Compliance Committee, (iii) HR & Compensation Committee, and (iv) IT Committee. M/S Yousuf Adil Chartered Accountants are the External Auditors of the Bank. They expressed an unqualified opinion on the financial statements of the Bank for the year ended December 31, 2024.


Management

The Bank has divided its organization structure into different departments with each department head reporting directly to the CEO, while the head of the internal audit department, reports to the Audit Committee. Mr. Haaris Mahmood Chaudhary has been appointed as a CEO of the Bank on Jan 15, 2025. He has over 21 years of experience in the banking sector. He is assisted by an experienced management team. The Bank has eighteen management committees in place. The committee meetings are conducted on a frequent basis to ensure a smooth flow of processes. Detailed MIS reports are generated for the senior management on a daily and monthly basis pertaining to loan portfolio, disbursements, repayments, delinquencies, provisioning, recoveries, and deposits. A separate Risk Management Department is in place to oversee various risks, including credit, operational, and market risks. The Risk Management Committee meets on a regular basis to ensure the risk profile of the Bank remains within the Board of Directors approved limits. Backboned with strong sponsors and a natural affiliation with the telecom industry, the Bank is equipped with sound technological infrastructure. It deploys Temenos (T24) as its core banking software. The Bank has in place Middleware, an innovative technological platform, to facilitate branchless banking operations, ATM service, Utility bill payment, and G2P payments.


Business Risk

The Microfinance Banking sector (“the Sector”) continues to face persistent stress from weak asset quality, recurring losses, and a declining Capital Adequacy Ratio (CAR). Successive shocks — including COVID-19, the 2022 floods, economic slowdown, high inflation, and elevated interest rates during CY24 — have strained borrower repayment capacity, particularly in agriculture and livestock. During the year there was a significant credit crunch in Country due to floods which will also impect the microfinance sector in near future. Total assets of the sector grew to PKR 1,068bln in CY24 (CY23: PKR 771bln) on the back of investments in government securities but contracted to PKR 891bln by 6MCY25 (6MCY24: PKR 782bln). Advances rose moderately to PKR 421bln in CY24 (CY23: PKR 380bln) and PKR 415bln in 6MCY25 (6MCY24: PKR 376bln), mainly financed through borrowings and deposits. Despite this growth, the Sector posted losses for the sixth consecutive year and stood at PKR (16)bln at end of CY24 (CY23: PKR 20bln) and PKR (1.8)bln at the end of 6MCY25 (6MCY24: Loss of PKR 12bln). Consequently, the sector 's equity base declined to PKR 37.2bln in CY24 (CY23: PKR 37.4bln), resulting in the declined CAR of the Sector with CAR falling to 0.9% in CY24 and (0.3%) in 6MCY25, falling far below the regulatory threshold of 15%.

The MMBL has a 19% market share in terms of Gross Loan Portfolio as of end-CY23 and 18% with secured lending of 48% at the end-CY24. During 6MCY25, the market share further moderated to 16%. In the branchless banking domain, the Bank is the leading player in the industry. The Bank is committed to maintaining its dominant position in branchless banking with its flagship product Jazz Cash. During CY24, mark-up income earned by the Bank increased by 73% to stand at PKR 53bln (CY23: PKR 31bln). Whereas, it stood at PKR 31bln at the end of 6MCY25 (6MCY24: PKR 26bln). Income from branchless banking increased to PKR 13bln (CY23: PKR 8bln), indicating an increase of 63%. During 6MCY25, the branchless banking income increased to PKR 8.8bln (6MCY24: PKR 5.8bln). During CY24, the NIMR of the Bank increased to PKR 41bln (CY23: PKR 25bln) and PKR 25.5bln at the end of 6MCY25 (6MCY24: PKR 18.9bln). The Bank reported expected credit losses (ECLs) of PKR 19.9bln in CY24, which contributed to a net loss of PKR 1.8bln for the year CY24 (CY23: net profit of PKR 1.03bln). Whereas, expected credit losses (ECLs) stood at PKR 10.8bln at the end of 6MCY25 (6MCY24: PKR 5.3bln). The net profitability of the Bank stood at PKR 902mln during 6MCY25 (6MCY24: PKR 948mln).

The Bank plans to persist in strengthening its branchless banking operations. Micro-deposits continue to add strength to the Bank's performance indicators. The Bank's business model encompasses systems and practices to nurture BB and core banking results simultaneously. In light of the safety precautions taken during the global pandemic, the importance of branchless banking has risen manifold.


Financial Risk

At the end of CY24, the Bank’s net advances clocked in at PKR 75bln (CY23: PKR 71bln), depicting a minor growth of 6%. Whereas, the Bank’s net advances clocked in at PKR 82bln at the end of 6MCY25. The Bank's net non-performing loans increased significantly to PKR 2bln (CY23: PKR 0.7bln). Consequently, the infection ratio inclined to 11% (CY23: 7%). The Bank's non-performing loans increased significantly to PKR 4.5bln at the end of 6MCY25 with infection ratio decreaed to 10%. At end of CY24, the Bank’s total investment significantly increased during the period, clocking in at PKR 61bln (CY23: PKR 33bn). Whereas, the investments of the Bank stood at PKR PKR 82bln at the end of 6MCY25. The investment portfolio of the Bank comprises government securities only. At the end of CY24, the total deposits of the Bank increased by 30% to stand at PKR 155bln (end-CY23: PKR 119bln) and PKR 192bln at the end of 6MCY25. The total borrowings increased to PKR 766mln during CY24 (CY23: PKR 245bln) mainly due to long term borrowings from SBP amounting to PKR 687mln. At the end of 6MCY25, the total borrwoings of the Bank increased to PKR 1.5bln. Liquidity profile reflected a good position with available funds invested in Government Securities that yielded sanguine returns. The Bank's liquid assets-to-deposits ratio denotes a good profile. At the end of CY24, the equity base of the Bank increased to PKR 9bln (CY23: PKR 7bln), attributable to enhanced profitability during the period. At the end of 6MCY25, the equity base of the Bank increased to PKR 10bln. Consequently, the Bank's Capital Adequacy Ratio (CAR) stood at 19.16%, including a Tier I CAR of 14.51%, as of CY24, compared to a CAR of 16.2% and a Tier I CAR of 11.43% at the end of CY23. The Bank's Capital Adequacy Ratio (CAR) stood at 17%, including a Tier I CAR of 12.4%, as of 6MCY25.

VEON Limited, the majority shareholder of the Bank, had committed an equity injection of USD 35mln (approximately PKR 10bln) during CY24 in order to strengthen the capital base and support the Bank’s strategic initiatives. Out of this commitment, USD 15mln (around PKR 4.2bln) was successfully injected into MMBL during CY24. Furthermore, an additional USD 20mln (approximately PKR 6bln) was earmarked for CY25. Of this, USD 5mln (about PKR 1.4bln) was injected in September 2025. The remaining USD 15mln is expected to be injected by the end of CY25. This phased equity infusion is aimed at reinforcing the Bank’s capital adequacy, expanding MSME financing, scaling up digital lending initiatives, and fostering long-term growth in its digital ecosystem. The timely execution of these capital commitments reflects VEON’s continued confidence in MMBL’s growth trajectory and its pivotal role in promoting financial inclusion across Pakistan.


Instrument Rating Considerations
About the Instrument

Mobilink Microfinance Bank Limited has issued Rated, Privately Placed Listed/ DSLR, Unsecured, Tier II Term Finance Certificates ("TFC") of PKR 2bln to contribute towards the Bank’s Tier II capital for complying with the Minimum Capital Requirements (MCR) and Capital Adequacy Ratio (CAR) requirement prescribed by the SBP. The TFC has a tenor of 7 years from the date of issue. The profit is being paid semi-annually in arrears at the rate of 6MK+210bps p.a on the basis of the outstanding principal amount. The issuer may call the TFCs, in parts or in full, after five years from the issue date on the principal redemption date, thereafter, subject to prior approval from the SBP. Further, the call option is exercisable if MMBL's MCR, LR, and CAR requirements are in compliance with the requirements prescribed by SBP. As per the lock-in clause requirement for tier II issues, neither profit nor principal would be payable (even at maturity), if such payment will result in a shortfall in the Bank's MCR, leveraged ratio, or CAR or results in an increase in any existing shortfall in MCR, LR or CAR. The TFC will be subject to a loss absorbency clause, upon the occurrence of a point of Non-Viability event, SBP may fully or permanently convert the TFCs into common shares of the Bank. The principal of TFC shall be redeemed in four equal installments commencing from May 23, 2028 (the end of the 66th month from the issue date). The Bank paid the 5th semiannual markup payment on May 23, 2025 amounting to PKR 156mln. The total markup payments of PKR 1,047mln has been paid till May’25 by the Bank.


Relative Seniority/Subordination of Instrument

The TFC ranks pari passu with other Tier II instruments and superior to any Additional Tier I instruments


Credit Enhancement

The TFC is unsecured
 
 

Oct-25

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Mobilink Microfinance Bank Limited | PPTFC | Dec-22

financial summary

(PKR mln)

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Jun-25
6M		 Dec-24
12M		 Dec-23
12M		 Dec-22
12M
Management Audited Audited Audited
A. BALANCE SHEET
1. Total Finances 86,993 77,176 71,537 56,300
2. Investments 81,586 61,350 33,388 8,347
3. Other Earning Assets 34,622 22,972 18,429 5,611
4. Non-Earning Assets 26,081 26,131 21,752 11,306
5. Non-Performing Finances (4,534) (2,244) (727) (86)
Total Assets 224,748 185,385 144,379 81,478
6. Deposits 191,783 154,951 119,286 64,765
7. Borrowings 3,545 2,782 2,275 3,488
8. Other Liabilities (Non-Interest Bearing) 19,111 18,237 15,835 7,335
Total Liabilities 214,438 175,970 137,396 75,588
Equity 10,310 9,415 6,983 5,890
B. INCOME STATEMENT
1. Mark Up Earned 30,655 52,981 30,662 17,335
2. Mark Up Expensed (5,115) (12,476) (5,898) (2,785)
3. Non Mark Up Income 9,938 14,408 10,395 6,513
Total Income 35,477 54,913 35,158 21,063
4. Non-Mark Up Expenses (23,206) (37,825) (25,361) (18,497)
5. Provisions/Write offs/Reversals (10,796) (20,177) (8,340) (1,462)
Pre-Tax Profit 1,475 (3,089) 1,458 1,104
6. Taxes (573) 1,256 (424) (146)
Profit After Tax 902 (1,833) 1,033 958
C. RATIO ANALYSIS
1. Performance
Portfolio Yield 75.4% 68.5% 55.3% 45.8%
Minimum Lending Rate 85.2% 86.1% 56.8% 46.8%
Operational Self Sufficiency (OSS) 103.4% 95.6% 106.4% 104.9%
Return on Equity 18.3% -22.4% 16.1% 15.9%
Cost per Borrower Ratio 13,393.9 13,115.0 10,398.5 8,054.1
2. Capital Adequacy
Net NPL/Equity -44.0% -23.8% -10.4% -1.5%
Equity / Total Assets (D+E+F) 4.6% 5.1% 4.8% 7.2%
Tier I Capital / Risk Weighted Assets 12.4% 14.5% 11.4% 11.1%
Capital Adequacy Ratio 17.0% 19.2% 16.2% 15.7%
Capital Formation Rate [(Profit After Tax - Cash Dividend ) / Equity] 19.2% -26.2% 17.5% 15.6%
3. Funding & Liquidity
Liquid Assets as a % of Deposits & Short term Borrowings 56.1% 54.3% 45.4% 31.3%
Demand Deposit Coverage Ratio 104.5% 97.2% 91.1% 47.7%
Liquid Assets/Top 20 Depositors 262.7% 205.2% 126.1% 152.8%
Funding Diversification (Deposits/(Deposits+Borrowings+Grants)) 98.2% 98.2% 98.1% 94.9%
Net Advances to Deposits Ratio 43.0% 48.4% 59.4% 86.8%
4. Credit Risk
Top 20 Advances / Advances 0.0% 0.0% 0.0% 0.0%
PAR 30 Ratio 10.1% 11.1% 7.0% 4.4%
Write Off Ratio 0.0% 0.0% 0.0% 0.0%
True Infection Ratio 10.1% 11.1% 7.0% 4.4%
Risk Coverage Ratio (PAR 30) 146.2% 123.2% 113.5% 103.3%

Oct-25

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Mobilink Microfinance Bank Limited | PPTFC | Dec-22

rating scale

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Oct-25

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Mobilink Microfinance Bank Limited | PPTFC | Dec-22

regulatory disclosure

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  1. Rating Team Statements
    1. Rating is just an opinion about the creditworthiness of the entity and does not constitute a recommendation to buy, hold, or sell any security of the entity rated or to buy, hold, or sell the security rated, as the case may be. (Chapter III; 14-3-(x))
    2. Conflict of Interest
      1. The Rating Team or any of their family members have no interest in this rating (Chapter III; 12-2-(j))
      2. PACRA, the analysts involved in the rating process, and members of its rating committee and their family members do not have any conflict of interest relating to the rating done by them (Chapter III; 12-2-(e) & (k))
      3. The analyst is not a substantial shareholder of the customer being rated by PACRA [Annexure F; d-(ii)]
      4. Explanation: for the purpose of the above clause, the term "family members" shall include only those family members who are dependent on the analyst and members of the rating committee.
  2. Restrictions
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    3. PACRA does not make proposals or recommendations regarding the activities of rated entities that could impact a credit rating of the entity subject to rating. (Chapter III; 10-7-(k))
  3. Conduct of Business
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    3. PACRA discloses that no shareholder directly or indirectly holding 10% or more of the share capital of PACRA also holds directly or indirectly 10% or more of the share capital of the entity which is subject to rating or the entity which issued the instrument subject to rating by PACRA. (Chapter III; 12-2-(f))
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  5. Monitoring and Review
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  6. Probability of Default
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Oct-25

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Mobilink Microfinance Bank Limited | PPTFC | Dec-22

Regulatory and Supplementary Disclosure

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Nature of Instrument Size of Issue (PKR mln) Tenor Security Issue Agent Book Value of Security Assets (PKR mln)
Rated, Unsecured, Subordinated, Privately PlacedTerm Finance Certificate PKR 2,000 million 7 years Unsecured JS Bank Limited (JSBL) -
Name of Issuer Mobilink Microfinance Bank Limited
Issue Date 23-Nov-22
Maturity 23-Nov-29
Call Option May call the TFC after five years from the issue date on principal redemption date
Profit Rate 6MK + 2.1%

Mobilink Microfinance Bank Limited | PPTFC | Dec-22 | Redemption Schedule

Sr. Due Date Principal Opening Principal Markup/Profit Rate (6MK + 2.1%) Markup/Profit Payment Principal Payment Total Principal Outstanding
PKR (mln) PKR (mln)
Issue Date 23/Nov/22 2,000 0 0 2,000
1 23/May/23 2,000 17.97% 178 0 178 2,000
2 23/Nov/23 2,000 24.18% 244 0 244 2,000
3 23/May/24 2,000 23.50% 234 0 234 2,000
4 23/Nov/24 2,000 23.36% 235 0 235 2,000
5 23/May/25 2,000 15.73% 156 0 156 2,000
6 23/Nov/25 2,000 13.49% 136 0 136 2,000
7 23/May/26 2,000 13.49% 134 0 134 2,000
8 23/Nov/26 2,000 13.49% 136 0 136 2,000
9 23/May/27 2,000 13.49% 134 0 134 2,000
10 26/Nov/27 2,000 13.49% 138 0 138 2,000
11 23/May/28 2,000 13.49% 132 500 632 1,500
12 23/Nov/28 1,500 13.49% 102 500 602 1,000
13 23/May/29 1,000 13.49% 67 500 567 500
14 23/Nov/29 500 13.49% 34 500 534 0
2,060 2,000 4,060

Oct-25

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