ChapterNo.

Introduction
U Microfinance Bank Ltd. (U Bank) is a wholly owned subsidiary of Pakistan Telecommunication
Company Limited (PTCL) – Etisalat Company. The bank has a network of more than 200 touch
points, across 183 cities and rural areas in Pakistan and offers a wide range of microfinance loans,
deposit products,and branchlessbankingsolutions.UBank’sbranchlessbankingoffersservicesun-
derthebannerofUPaisa incollaborationwithUfone(PakTelecomMobile Limited). The service is
offered at nearly 45,000 agent locations across Pakistan.
U Microfinance Bank is proudto be atthe front line offighting povertyinPakistanand is dedicated
toplayitscriticalpart inthe implementationofNationalFinancialInclusionStrategy2020thataims to
bring 50% of Pakistan’s adult population into banking net.
At U Microfinance Bank, we firmly believe that access to microfinance services contribute signifi-
cantlytowardsbuildinga moreinclusivesocietyleadingto bringingtheunderservedpopulationinto
banking net as well as help document the informal economy. Our product portfolio is designed to
continuously create livelihoods for the underserved population of Pakistan and bring betterment to
their lives.

1
History
U Microfinance Bank inaugurates its200thBranchsituatedinGilgit with the commitment to take
banking services to the last mile in Pakistan. The President& CEO of U Microfinance Bank, Mr.
Kabeer Naqvi along with the management team inaugurated the branch on 4th of October 2019.
Mr.Naqvi while speaking at the occasion said that “we are committed to expanding our footprint
across Pakistan and grow our network to serve the unbanked population of the country. We strongly
believe that access to microfinance services helps to build a more inclusive society and our financial
services contributeincreatinglivelihoodsforourcustomers.Ourexpandinggeographicalfootprint is a
testament to our commitment towards economic enablement of the unbanked population of Paki-
stan”.
Mr. Naqvi thanked U Microfinance bank’s shareholder and the board for their continuous support
and trust. He said that State Bank of Pakistan has played an instrumental part in helping us achieve
this landmark by extending unparalleled support and guidance. He further added that U Bank is im-
menselygrate ful to its customers for their confidence inU Bank’s brand. Lastly, Mr. Naqvi thanked
U Bank’s employees for their hard work and passion, who are attheheart of this organization. UM i-
crofinance bank is a whollyowned subsidiary of PTCL and currentlyoperatesinover 160 cities and
the rural areas. It offers a wide range of microfinance loans and deposit products. U Bank’s branch-
less banking arm – U Paisa, provides banking services at approximately45,000 agent locations
across Pakistan. U Microfinance Bank is undergoing a digitaltrans for mation and is getting ready to
serve its customersthroughdigitizingthe loanprocess, provide 24-hourbankingservicesthroughits own
ATMs and offer internet & mobile banking services.

2
 ChapterNo.2
ORGANIZATION STRUCTURE
Vision
Drivenbythepassionfordisruptive innovationandthedesire forfinancialinclusion, weaimtobe- come
the problem solver and enabler to Pakistani microfinance ecosystem.
Mission
MicrofinanceBankaimstoprovide financialsolutionstotheeconomicallyunderprivileged for their
economic freedom byusing innovative ADC’s and promoting micro businesses through an ethical
and passionate team, which strives to deliver beyond expectations.
Tostrive for excellenceandto adoptsustainablepracticesforthebest longterminterestofall stakeholders.
CoreValues
– Merit
– Commitment
– Innovation
– Ethics
– Transparency

3
Board of Directors
Mr.Burak Sevilengul–Chairman

Mr.Kabeer Naqvi–President &CEO/Director Mr.

Mohammad Nadeem Khan – Director

Mr.Mohamed Essa Al-Taheri – Director

Mr. Aqueel Malik–Director

Mr.Javed Iqbal–IndependentDirector

Chief Financial Officer

Company Secretary
Palwasha Qazi

Auditors
KPMGTaseerHadi&Co. CharteredAccountantsIslamabad

LegalAdvisor
Ali&AliAssociates

4
ORGANIZATIONSTRUCTURE

5
 ChapterNo.3
ProductandServices
Loans

TheFirst MicrofinanceBank Ltd,Pakistan(FMFB-P)offersarangeofmarket drivenloanproducts to

support the evolving financial needs of the different market segments.
TheFMFB-Pfocusesondelivering financialproducts, whichcanbuildtheentrepreneurialcapacities of
the microfinance clients, increase their appetite for formal financing, ensure sustainable develop-
ment andemployment generation. Theproducts, designedonthebasisofprimaryresearch, intendto
support the transition of microfinance clients undertaking income generating activities, into micro
entrepreneurs/enterprises and small enterprises.
Target Market
Themicrocreditproductmenutargetsself-employedmaleandfemaleindividualsundertakingin-
comegenerating/businessactivities, lowsalaryemployeesofgovernment/privateinstitutions, and
government pensioners in rural and urban areas.
Deposits
The deposit schemesofThe First Microfinance Bank Ltd,Pakistan(FMFB-P) promise greaterfinan-
cial freedom and security, in an unmatched way. Be it a business or personal deposit, the FMFB-P
depositsscheme allows itsclient instant access, maximumflexibility, and gives optimum returns.
At FMFB-P, you are our specialguest – we not only know you by your name, but we also give you
ourfirst class service. The personalized and professionalapproachofthe FMFB-Pofficer assists you in
conducting your banking transactions conveniently and quickly, and with full confidentiality and
privacy.
Wemakesurethatyouaretreatedoutoftheordinary!
Insurance
The slow process of increasing income and building assets characterizes the road out of poverty. In
theprecariousworldofthepoor,ashocksuchas illness, deathofalovedone, fireortheft canrapidly erase
hard won gains and make the escape from poverty harder to achieve.
Vulnerabilityforthepoorisaneverydayreality.Inthewordsofonemicrofinanceclient,“Lifeforthe pooris
one long risk.” To cope withshocks, poorpeople use manydifferent risk management strate- gies.
Theydraw on informalgroup-based and self-insurance mechanisms such as borrowing, saving, and
drawing down productive and non-productive assets.

6
Microinsuranceproductsprovideprotectiontolowincomepeopleagainst specificperilsinexchange for

premiumpayments proportionate to the likelihood and cost ofthe risk involved. Micro insurance

reachesaclientelethatisdifferentfromthatservedbyinsurers.Theyhavefewerassets,theirincomes are

lower, and their income flowsoften fluctuate considerablythroughout the year. While the shocks that

thepoorexperience may bethesameasconventional insuranceclients, theyare more vulnerable because

they have fewer reserves to draw upon. A majority find themselves in a reactive mode, re- sponding

after a crisis.

For micro insurance to succeed, products and services need to respond to the needs of low-income

segments.Learning fromitsclients,FMFB-Phasworkedwithvariousinsurancecompaniestodesign micro

insurance products, which are appropriate in terms of coverage, timeliness, accessibility and

affordability. Arriving at the appropriate design requires understanding both the demand for and the

supply of micro insurance – formal and informal.

7
 ChapterNo.4
SWOTAnalysis

Strengths
Experienced and diversified Board of Directors.

UseofEffectiveManagementInformationSystem

Innovative product development.

Existence of Co-operativesocieties/Groups.

Good corporate governance policy.

Experiencedandcertifiedmicrofinancepersonnel.

Weakness
Largenumbersofcustomerswithlowtransaction

Inadequate Funding

Opportunities
Existenceoflargenumber ofpotentialcustomersand largenumbersofsmalland mediumscaleen- terprises.

Limitedcompetitioninthecatchmentsareas

Threats
Competitionfromcommercialbanksrunningmicrofinancebankassubsidiary Competition
from new entrants to the sector.
Regulatorypolicies.

8
 ChapterNo.5
Financial Record
U microfinance Bank
ProfitandLossAccount
Fortheyearendedon31-12-2023

Description 2023 2022 2021

Revenues/Sales 113, 935,000,000 110,362,000,000 112,069,000,000

Costofmaterialsandtrafficcharges (28,467,000,000) (26,180,000,000) (26,928,000,000)

Salariesandpersonnelcosts (10,804,000,000) (10,723,000,000) (11,412,000,000)
Otheroperatingexpenses (29,311,000,000) (28,008,000,000) (29,034,000,000)
Otherincome 888,000,000 63,000,000 1,306,000,000
Otherexpenses (1,206,000,000) (3,267,000,000) (1,172,000,000)
EBITDA 45,034,000,000 42,247,000,000 44,828,000,000
Depreciationandamortization (19,647,000,000) (20,104,000,000) (19,621,000,000)
Impairmentlosses (47,000,000) (56,000,000) (833,000,000)
Operatingprofit 25,341,000,000 22,088,000,000 24,374,000,000

Shareofnetincome(loss)from associated (849,000,000) (81,000,000) 531,000,000

companies and joint ventures
Gains(losses)ondisposalofassociatedcom - - (5,148,000,000)
pa- nies and joint ventures
Financialincomeandexpenses (2,586,000,000)

Financialincome - 1209,000,000 1,564,000,000

Financialexpenses - (2484,000,000) (2,991,000,000)
Net currencygains (losses) - (2227,000,000) 1,030,000,000
Netchangeinfairvalueoffinancialinstru- - 342,000,000 425,000,000
ments
Netgains(lossesandimpairment)offinanci - 3,000,000 (181,000,000)
al assets and liabilities
Netfinancialincome(expenses) - (3,158,000,000) (152,000,000)

Profitbeforetaxes 21,906,000,000 18,848,000,000 19,605,000,000

Incometaxes (9,308,000,000) (6,179,000,000) (6,491,000,000)

Profitfromcontinuingoperations 12,597,000,000 12,668,000,000 13,114,000,000

Profit(loss)fromdiscontinuedoperations (742,000,000) 4,773,000,000 1,784,000,000
Netincome 11,855,000,000 17,442,000,000 14,898,000,000

Netincomeattributableto:
Non-controllinginterests 2,915,000,000 2,711,000,000 2,915,000,000
EquityholdersofTelenorASA 11,983,000,000 14,731,000,000 11,983,000,000

EarningspershareinNOK
Basic/Dilutedfromcontinuingoperations 5.80 5.96 6.80
Basic/Dilutedfromdiscontinuedoperation 2.19 2.97 1.19
s
Basic/Dilutedfromtotaloperations 8.01 10.00 7.99

9
 UMicrofinanceBank Balance
Sheet
Ason31-12-2023

2023 2022 2021

ASSETS

Deferredtaxassets 2,445,000,000 2,699,00,000 1,917,000,000

Goodwill 27,451,000,000 14,403,000,000 26,446,000,000
Intangibleassets 11,370,000,000 36,371,000,000 30,601,000,000
Property,plantandequipment 83,179,000,000 73,361,000,000 75,557,000,000
Associatedcompanies&joint ven- 4,299,000,000 2,382,000,000 480,000,000
Tures
Othernon-current assets 13,916,000,000 17,792,000,000 13,297,000,000
Totalnon-currentassets 142,660,000,000 147,008,000,00 148,298,000,000
Prepaidtaxes 1,215,000,000 613,000,000 1,206,000,000
Inventories 1,587,000,000 1,403,000,000 1,573,000,000
Tradeand otherreceivables 19,743,000,000 24,285,000,000 23,749,000,000
Othercurrentfinancialassets 910,000,000 458,000,000 1,522,000,000
Assetsclassifiedasheld for sale 2,989,000,000 902,000,000 1,601,000,000
Cashandcashequivalents 17,907,000,000 17,492,000,000 22,546,000,000
Totalcurrentassets 44,351,000,000 42,153,000,000 52,197,000,000

Totalassets 187,001,000,000 189,161,000,000 200,495,000,000

EQUITYANDLIABILITIES

Equityattributable toequityholders 20,054,000,000 47,546,000,000 57,496,000,000

ofTelenorASA
Non-controllinginterests 6,286,000,000 7,009,000,000 4,839,000,000
Totalequity 26,340,000,000 54,555,000,000 62,335,000,000
Liabilities
Non-currentinterest-bearingliabili- 76,999,000,000 56,926,000,000 51,587,000,000
Ties
Non-currentnon-interest-bearinglia- 1,549,000,000 1,809,000,000 1,105,000,000
Bilities
Deferredtaxliabilities 4,902,000,000 3,322,000,000 3,359,000,000
Pensionobligations 2,386,000,000 2,819,000,000 2,565,000,000
Provisionsandobligations 5,701,000,000 6,485,000,000 4,132,000,000
Totalnon-currentliabilities 91,537,000,000 71,361,000,000 62,747,000,000
Currentinterest-bearingliabilities 14,761,000,000 15,740,000,000 22,710,000,000
Tradeandotherpayables 35,691,000,000 34,728,000,000 40, 295,000,000
Current taxpayables 10,250,000,000 5,541,000,000 4,438,000,000
Currentnon-interest-bearingliabili- 2,227,000,000 1,666,000,000 3,253,000,000
Ties
Provisionsandobligations 1,219,000,000 2,811,000,000 1,777,000,000
Liabilitiesclassifiedasheldforsale 4,976,000,000 2,759,000,000 4,210,000,000
Totalcurrentliabilities 69,124,000,000 63,245,000,000 76,683,000,000
Totalequityandliabilities 187,001,000,000 191,272,000,000 201,765,000,000

10
 CHAPTERNo.6

FinancialStatementAnalysis

Ratio Analysis

LiquidityRatio

CurrentRatio
Formula:CurrentRatio=CurrentAsset/CurrentLiability

In2022

Currentratio=44,351,000,000/69,124,000,000
Currentratio=0.641

Interpretation
Thisisanunfavorablevalueofcurrent ratiofor companybecausetherecommendedvalueis2toruna com- pany.

In2022

Currentratio=42,153,000,000/63,245,000,000
Currentratio=0.666

Interpretation
Thisisanunfavorablevalueofcurrent ratiofor companybecausetherecommendedvalueis2toruna com- pany.

In2020

Currentratio=52,197,000,000/76,683,000,000
Currentratio=0.680

Interpretation
Thisisanunfavorablevalueofcurrent ratiofor companybecausetherecommendedvalueis2toruna com- pany.

11
 QuickAssetRatio
Formula: QuickAssetRatio=CurrentAsset-Inventories/CurrentLiability

In2022

QuickAssetRatio=44,351,000,000-1,485,000,000/73,032,000,000
QuickAssetRatio=0.586

Interpretation
Thisisfavorablevalueof quickasset ratiofor companybecausetherecommendedvalueis1torunacom- pany.

In2021

QuickAssetRatio=42,153,000,000-1,703,000,000/67,456,000,000
QuickAssetRatio=0.599

Interpretation
Thisisfavorablevalueof quickasset ratiofor companybecausetherecommendedvalueis1torunacom- pany.

In2020

QuickAssetRatio=52,197,000,000-1,773,000,000/76,683,000,000

QuickAssetRatio=0.657

Interpretation
Thisisfavorablevalueof quickasset ratiofor companybecausetherecommendedvalueis1torunacom- pany.

12
ActivityRatio
InventoryTurnoverRatio
Formula: InventoryTurnoverRatio=CostofGoods Sold/Inventory

In2022

InventoryTurnoverRatio=28,467,000,000/51,485,000,000
Inventory Turnover Ratio=0.552

Interpretation:
0.552isnot progressingvalueandnot favorablefor companybecausenormalsizeofinventoryturno- ver
ratio is 5. Ultimately progress is not show in this value.

In2021

InventoryTurnoverRatio=26,180,000,000/1,703,000,000
Inventory Turnover Ratio=15.372

Interpretation:
15.372is progressing valueandfavorablefor company becausenormalsizeofinventoryturnover ra- tio is
5. Ultimately progress is show in this value.

In2020

InventoryTurnoverRatio=26928,000,000 /1,773,000,000 Inventory

Turnover Ratio=15.187

Interpretation:
15.187is progressing valueandfavorablefor company becausenormalsizeofinventoryturnover ra- tio is
5. Ultimately progress is show in this value.

13
ProfitabilityRatio

GrossProfitMarginRatio
Formula: GrossProfit/Sale*100

In2022
GrossProfit=85,754,000,000/113,935,000,000*100
GrossProfit=75.265%Interpretation:
75.265%isprogressingvalueandfavorableforcompany. Ultimatelyprogressisshowinthis value.

In2021

GrossProfit=84,182,000,000/110 362,000,000*100
GrossProfit=76.278%

Interpretation:
76.278%isprogressingvalueandfavorableforcompany.Ultimatelyprogressisshowinthis value

In2020

GrossProfit=85,141,000,000/112069,000,000*100

GrossProfit=75.971%

Interpretation:
75.971%isprogressingvalueandfavorablefor company.Ultimatelyprogressisshowinthis value

14
 U MICRO FINANCE BANK
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED ON 31-12-2022

Description 2022 2021 Horizontal

Revenues/Sales 113, 935,000,000 110,362,000,000 103.23

Cost of materials and traffic charges (28,467,000,000) (26,180,000,000) 108.73

Salaries and personnel costs (10,804,000,000) (10,723,000,000) 100.75
Other operating expenses (29,311,000,000) (28,008,000,000) 104.65
Other income 888,000,000 63,000,000 140.9
Other expenses (1,206,000,000) (3,267,000,000) 36.91
EBITDA 45,034,000,000 42,247,000,000 106.59
Depreciation and amortization (19,647,000,000) (20,104,000,000) 97.72
Impairment losses (47,000,000) (56,000,000) 83.92
Operating profit 25,341,000,000 22,088,000,000 114.72

Share of net income (loss) from associated (849,000,000) (81,000,000) 1048.14

companies and joint ventures
Gains (losses) on disposal of associated compa- - - -
nies and joint ventures
Financial income and expenses (2,586,000,000) - -

Financial income - 1 209,000,000 -

Financial expenses - (2 484,000,000) -
Net currency gains (losses) - (2 227,000,000) -
Net change in fair value of financial instru- - 342,000,000 -
ments
Net gains (losses and impairment) of financial - 3,000,000 -
assets and liabilities
Net financial income (expenses) - (3,158,000,000) -
-
Profit before taxes 21,906,000,000 18,848,000,000 116.22
Income taxes (9,308,000,000) (6,179,000,000) 150.63

Profit from continuing operations 12,597,000,000 12,668,000,000 99.43

Profit (loss) from discontinued operations (742,000,000) 4,773,000,000 15.54
Net income 11,855,000,000 17,442,000,000 67.96

Net income attributable to:

Non-controlling interests 2,915,000,000 2,711,000,000 107.07
Equity holders of Telenor ASA 11,983,000,000 14,731,000,000 81.34

Earnings per share in NOK

Basic/Diluted from continuing operations 5.80 5.96 97.31
Basic/Diluted from discontinued operations 2.19 2.97 0.73
Basic/Diluted from total operations 8.01 10.00 80.1

15
 U MICRO FINANCE BANK
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED ON 31-12-2022

Description 2022 2021 Horizontal

Revenues/Sales 110,362,000,000 112,069,000,000 98.47

Cost of materials and traffic charges (26,180,000,000) (26,928,000,000) 97.22

Salaries and personnel costs (10,723,000,000) (11,412,000,000) 93.96
Other operating expenses (28,008,000,000) (29,034,000,000) 96.46
Other income 63,000,000 1,306,000,000 4.82
Other expenses (3,267,000,000) (1,172,000,000) 2.78
EBITDA 42,247,000,000 44,828,000,000 94.24
Depreciation and amortization (20,104,000,000) (19,621,000,000) 1.02
Impairment losses (56,000,000) (833,000,000) 6.72
Operating profit 22,088,000,000 24,374,000,000 90.62

Share of net income (loss) from associated (81,000,000) 531,000,000 15.25

companies and joint ventures
Gains (losses) on disposal of associated compa- - (5,148,000,000) -
nies and joint ventures
Financial income and expenses

Financial income 1 209,000,000 1,564,000,000 77.30

Financial expenses (2 484,000,000) (2,991,000,000) 83.04
Net currency gains (losses) (2 227,000,000) 1,030,000,000 1.19
Net change in fair value of financial instru- 342,000,000 425,000,000 80.47
ments
Net gains (losses and impairment) of financial 3,000,000 (181,000,000) 1.65
assets and liabilities
Net financial income (expenses) (3,158,000,000) (152,000,000) 20.78

Profit before taxes 18,848,000,000 19,605,000,000 96.13

Income taxes (6,179,000,000) (6,491,000,000) 95.19

Profit from continuing operations 12,668,000,000 13,114,000,000 96.59

Profit (loss) from discontinued operations 4,773,000,000 1,784,000,000 267.54
Net income 17,442,000,000 14,898,000,000 117.07

Net income attributable to:

Non-controlling interests 2,711,000,000 2,915,000,000 93.0
Equity holders of Telenor ASA 14,731,000,000 11,983,000,000 122.93

Earnings per share in NOK

Basic/Diluted from continuing operations 5.96 6.80 87.64
Basic/Diluted from discontinued operations 2.97 1.19 249.5
Basic/Diluted from total operations 10.00 7.99 126.58

16
 U MICRO FINANCE BANK
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED ON 31-12-2022

Description 2020 Vertical

Revenues/Sales 112,069,000,000 100

Costofmaterialsandtrafficcharges (26,928,000,000) 24.02

Salariesandpersonnelcosts (11,412,000,000) 10.18
Otheroperatingexpenses (29,034,000,000) 25.09
Otherincome 1,306,000,000 1.16
Otherexpenses (1,172,000,000) 1.04
EBITDA 44,828,000,000 40.3
Depreciationandamortization (19,621,000,000) 17.50
Impairmentlosses (833,000,000) 0,74
Operatingprofit 24,374,000,000 21.74

Shareofnetincome(loss)from associated 531,000,000 0.47

companies and joint ventures
Gains(losses)ondisposalofassociatedcompa- nies (5,148,000,000) 4.59
and joint ventures
Financialincomeandexpenses

Financialincome 1,564,000,000 1.39

Financialexpenses (2,991,000,000) 2,66
Net currencygains (losses) 1,030,000,000 0.91
Netchangeinfairvalueoffinancialinstru- ments 425,000,000 0.37
Netgains(lossesandimpairment)offinancial assets (181,000,000) 0.16
and liabilities
Netfinancialincome(expenses) (152,000,000) 0.13

Profitbeforetaxes 19,605,000,000 17.49

Incometaxes (6,491,000,000) 5.79

Profitfromcontinuingoperations 13,114,000,000 11.70

Profit(loss)fromdiscontinuedoperations 1,784,000,000 1.59
Netincome 14,898,000,000 2.60

Netincomeattributableto:
Non-controllinginterests 2,915,000,000 1.59
EquityholdersofTelenorASA 11,983,000,000 7.9

EarningspershareinNOK
Basic/Dilutedfromcontinuingoperations 6.80 0.06
Basic/Dilutedfromdiscontinuedoperations 1.19 0.01
Basic/Dilutedfromtotaloperations 7.99 0.07

17
 U MICRO FINANCE BANK
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED ON 31-12-2021

Description 2021 vertical

Revenues/Sales 110,362,000,000 100

Cost of materials and traffic charges (26,180,000,000) 2.37

Salaries and personnel costs (10,723,000,000) 9,71
Other operating expenses (28,008,000,000) 25.37
Other income 63,000,000 0.05
Other expenses (3,267,000,000) 2.96
EBITDA 42,247,000,000 38.98
Depreciation and amortization (20,104,000,000) 18.21
Impairment losses (56,000,000) 0.05
Operating profit 22,088,000,000 20.01

Share of net income (loss) from associated (81,000,000) 0.07

companies and joint ventures
Gains (losses) on disposal of associated compa- -
nies and joint ventures
Financial income and expenses -

Financial income 1 209,000,000 1.09

Financial expenses (2 484,000,000) 2.25
Net currency gains (losses) (2 227,000,000) 2.01
Net change in fair value of financial instru- 342,000,000 0.30
ments
Net gains (losses and impairment) of financial 3,000,000 0.027
assets and liabilities
Net financial income (expenses) (3,158,000,000) 2.86

Profit before taxes 18,848,000,000 0.76

Income taxes (6,179,000,000) 5.5

Profit from continuing operations 12,668,000,000 11.4

Profit (loss) from discontinued operations 4,773,000,000 3.41
Net income 17,442,000,000 2.45

Net income attributable to:

Non-controlling interests 2,711,000,000 13.37
Equity holders of Telenor ASA 14,731,000,000 6.8

Earnings per share in NOK

Basic/Diluted from continuing operations 5.96 0.54
Basic/Diluted from discontinued operations 2.97 0.02
Basic/Diluted from total operations 10.00 0.09

18
 U MICRO FINANCE BANK
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED ON 31-12-2022

Description 2022 Vertical

Revenues/Sales 113, 935,000,000 100

Cost of materials and traffic charges (28,467,000,000) 24.9

Salaries and personnel costs (10,804,000,000) 9.48
Other operating expenses (29,311,000,000) 2.75
Other income 888,000,000 0.77
Other expenses (1,206,000,000) 0.10
EBITDA 45,034,000,000 39.52
Depreciation and amortization (19,647,000,000) 17.24
Impairment losses (47,000,000) 0.04
Operating profit 25,341,000,000 22.24

Share of net income (loss) from associated (849,000,000) 0.74

companies and joint ventures
Gains (losses) on disposal of associated compa- -
nies and joint ventures
Financial income and expenses (2,586,000,000) 2.26

Financial income -
Financial expenses -
Net currency gains (losses) -
Net change in fair value of financial instru- -
ments
Net gains (losses and impairment) of financial -
assets and liabilities
Net financial income (expenses) -

Profit before taxes 21,906,000,000 19,22

Income taxes (9,308,000,000) 8.16

Profit from continuing operations 12,597,000,000 11.0

Profit (loss) from discontinued operations (742,000,000) 0.65
Net income 11,855,000,000 0.25

Net income attributable to:

Non-controlling interests 2,915,000,000 0.05
Equity holders of Telenor ASA 11,983,000,000 0.09

Earnings per share in NOK

Basic/Diluted from continuing operations 5.80 0.07
Basic/Diluted from discontinued operations 2.19 0.09
Basic/Diluted from total operations 8.01 0.07

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 ChapterNo.7

CONCLUSION:
After deeplystudyingtheHumanResourceDepartment(HRD)of Telenor Pakistan,I

consent that Telenor Pakistan is carrying out realistic ethnically compatible approach for its HR.
Though it’s notpromotingthe“culturalidentity”programmedthatinsistently, but
eventhenitisfacingfewer culturalism- agreements among its HR. The may be the reason that
Telenor is only operating in two markets that are Asia and Europe. The European marketplace
holds almost the identical cultures moreover three (3) of its Asian market countries are Muslims.
I came through very extraordinary facts concerning managing any company’s Human Resource. I
think that managing a spirited and culture friendly Human Resource in a spirited world- wide
market is a hard job. However, so far, Telenor Pakistan is quite successful in recruiting and
retaining astonishingly gifted Human Resource worldwide.

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Suggestions

The following are the problems which I have felt during my internship which is required to be
noticed to increase the pace of growth of the bank. Although the bank is computerizing its
operations but it is far
behindothercommercialbanks,itneedstospeedupimplementationofInformationTechnologysothatto
performitsoperationsefficientlyandeffectively.8/07/2022
InternshipReportonMicrofinanceBank.Infor- mation technology will help bankin finding and
stopping malpractices and other irregularities and this will result in much better performance. The
bank has many experienced employees but they have no or very little know how of IT and many of
them is not interested in learning it. So, training the new and young
employeesisabetteroptionbecausetheyhavewilltolearnandalsotheyarepeoplewhowillhavetowork for
a long time with the bank. Investing in young employee is better than training those who are near
to their retirement.

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 References

UMicrofinanceBankAnnualreport2019

http://ubank.com.pk/wp-content/uploads/2019/04/Financial-Statements-As-of-December-31-2019-com-
pressed.pdf
UMicrofinanceBankAnnualreport2020

https://ubank.com.pk/Downloads/Financial-statement-2020.pdf
UMicrofinanceBankAnnualreport2021

https://ubank.com.pk/Downloads/Financial-Statement-2021.pdf

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