AsiaNet-Pakistan Premier Editorial Content and Press Release Distribution Service
Karachi, Apna Microfinance Bank Limited has released its unaudited financial results for the first quarter ended March 31, 2023. The Bank, which is listed on the PSX and specializes in microfinance services, reported a net loss of PKR 1,514 million for the quarter, a significant increase from the PKR 378 million loss recorded in the same period last year.
According to information available from the Pakistan Stock Exchange (PSX), The Bank’s total assets stood at PKR 17,161 million as of March 31, 2023, with equity recorded at a negative PKR 5,561 million due to accumulated losses. Advances net of provision were reported at PKR 6,825 million, showing a decrease of 18% compared to the previous quarter, while deposits settled at PKR 21,704 million. The Bank also noted a decrease in mark-up/return/interest earned by 23%, and an increase in mark-up/return/interest expenses by 31%.
Non-performing loans increased slightly to PKR 4,688 million, contributing to a higher gross non-performing loans to gross advances ratio of 40%. The Bank attributed the increase in losses primarily to additional provisions for bad loans amounting to PKR 1,035 million recognized during the period.
The Bank has engaged in efforts to address its financial health, including capital injections from sponsors and plans to shift towards more secured lending. These measures are part of a broader strategy to comply with regulatory capital requirements and improve financial stability.