Daily Times

The Board of Directors of Telenor Microfinance Bank (TMB) in its meeting held on August 22, 2024, approved the Bank’s financial results for the half year ended June 30, 2024. TMB has reported exceptional financial performance for the first half of 2024 (H1’24), achieving a profit before tax of PKR 2.6 Billion, a staggering 788% increase compared to H1 2023: PKR 0.3 Billion and equity touching PKR 10 Billion, solidifying its position as a pioneering force in Pakistan’s fintech landscape.

Customer deposits and advances have demonstrated remarkable growth, with deposits reaching PKR 67.0 Billion up by 21% in comparison with H1 2023: PKR 55.3 Billion and advances climbing to PKR 22.9 Billion, growing by 59%, H1 2023: PKR 14.5 Billion. The Bank has also maintained a robust Capital Adequacy Ratio (CAR) of 26.9%. This achievement underscores TMB’s exceptional ability to scale operations and sustain growth simultaneously. The significant increase in loans and advances, coupled with excellent profitability, further highlights the Bank’s strong financial performance and an effective digital-first strategy in the challenging economic landscape.

TMB’s flagship digital financial services platform, easypaisa, recorded robust growth, achieving a milestone of over 15 million monthly active users with one in four Pakistani adults, having a registered easypaisa account. With more than 45 million registered users, easypaisa maintained its position as one of Pakistan’s leading financial services app with a rating of 4.5 on the Google Play store, one of the highest among banking apps. TMB has further transitioned the core wallet platform from a monolithic architecture to a microservices stack making it more modular and scalable.

Commenting on the remarkable performance, Amin Sukhiani, Chief Financial Officer, Telenor Bank/easypaisa, said, “As we move into the second half of 2024, our commitment to driving economic growth and development remains unwavering, with a continued focus on putting our customers first. Importantly, our digital transformation towards becoming a full-fledged Digital Retail Bank, subject to regulatory approvals, will further enhance our ability to serve our customers and contribute to Pakistan’s financial landscape. We extend our heartfelt thanks to our outstanding team, supportive Board members, partners, regulators and customers for their trust. We remain dedicated to our mission of advancing financial inclusion and fostering digital prosperity in Pakistan.”