Karachi, SECP Commissioner for Specialized Companies Division, Mujtaba Ahmed Lodhi, officially launched the 2023 NBFI and Modaraba Association of Pakistan Year Book at a ceremony attended by prominent industry representatives. The Year Book showcases the growth and resilience of the non-banking financial institutions (NBFI) and Modaraba sectors despite some facing equity declines, reflecting a significant increase in assets and profitability from the previous fiscal year.
According to Securities and Exchange Commission of Pakistan, the Year Book details the sector’s financial improvements, with assets rising to Rs 158,404 million in FY 2023 from Rs 142,918 million in FY 2022. Although total equity saw a reduction, the sector’s profitability increased notably, up by Rs 986 million to Rs 3,431 million in FY 2023. Lodhi emphasized the importance of embracing technological innovations and expanding financial services to underserved communities to bolster financial inclusion in Pakistan. The event also recognized top-performing members with awards for their exceptional contributions over the past year.