Telenor Microfinance Bank Reports Exceptional Financial Performance in H1 2024, with Profit Before Tax Surging by 788%
Karachi, August 22, 2024 — The Board of Directors of Telenor Microfinance Bank (TMB) has announced the Bank’s financial results for the half year ended June 30, 2024, revealing an extraordinary financial performance that underscores its leadership in Pakistan’s fintech sector.
For the first half of 2024 (H1’24), TMB recorded a profit before tax of Rs. 2.6 billion, marking a remarkable 788 percent increase compared to Rs. 0.3 billion in H1 2023. The Bank’s equity reached Rs. 10 billion, further solidifying its position as a pioneering force in the country’s financial landscape.
Customer deposits and advances demonstrated significant growth during this period, with deposits surging by 21 percent to Rs. 67.0 billion, compared to Rs. 55.3 billion in H1 2023. Advances climbed by an impressive 59 percent, reaching Rs. 22.9 billion, up from Rs. 14.5 billion in the same period last year. Additionally, TMB maintained a robust Capital Adequacy Ratio (CAR) of 26.9 percent, highlighting the Bank’s strong financial health and its ability to scale operations while sustaining growth.
The Bank’s flagship digital financial services platform, Easypaisa, also achieved significant milestones, with over 15 million monthly active users and one in four Pakistani adults now holding a registered Easypaisa account. With more than 45 million registered users, Easypaisa continues to be one of Pakistan’s leading financial services apps, boasting a 4.5-star rating on the Google Play Store—one of the highest ratings among banking apps. TMB has recently transitioned the core wallet platform from a monolithic architecture to a microservices stack, making it more modular and scalable.
Commenting on the Bank’s outstanding performance, Amin Sukhiani, Chief Financial Officer of 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. 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.”
TMB continues to make significant strides in the Pakistani financial landscape, launching innovative solutions and empowering both individuals and businesses. The Easypaisa Karobar Ecosystem is set to revolutionize operations for retailers and FMCGs by offering streamlined financial management tools. Additionally, the Bank has introduced an enhanced credit score feature on the Easypaisa app, providing users with valuable insights to make informed financial decisions.
TMB’s commitment to innovation has been recognized internationally, with the Easypaisa Audio Nikahnama campaign receiving accolades at the MADSTARS Awards in Korea, Caples Awards in the UK, Dubai Lynx Awards, and International CLIO Awards. The Bank’s ongoing efforts to transform physical branches into Smart Branches, upgrade the Ericsson Wallet platform, and strengthen its employee benefits program demonstrate TMB’s dedication to enhancing customer experience and supporting its talented workforce.
As TMB continues to expand its reach and offerings, it remains committed to providing innovative financial solutions and empowering individuals and businesses across Pakistan.
