KARACHI: Telenor Microfinance Bank (TMB) reported a remarkable 788% increase in profit before tax, reaching Rs2.6 billion in H1 2024, compared to Rs0.3 billion during the same period last year. The bank’s equity now stands at Rs10 billion.
Deposits surged to Rs67 billion, a 21% rise from Rs55.3 billion in the previous year, while advances grew by 59% to Rs22.9 billion, up from Rs14.5 billion last year.
TMB’s flagship digital financial service, easypaisa, experienced strong growth, surpassing 15 million monthly active users, with one in four Pakistani adults now holding a registered easypaisa account.
Amin Sukhiani, Chief Financial Officer of Telenor Bank/easypaisa, commented on the performance: “As we enter the second half of 2024, our commitment to driving economic growth and prioritizing customer satisfaction remains steadfast. Our ongoing digital transformation into a full-fledged digital retail bank, pending regulatory approvals, will further strengthen our ability to serve our customers and contribute to Pakistan’s financial landscape. We are dedicated to advancing financial inclusion and fostering digital prosperity in Pakistan.”
TMB continues to make significant strides in the Pakistani financial sector by launching innovative solutions that empower individuals and businesses. The easypaisa Karobar Ecosystem is set to revolutionize operations for retailers and FMCGs, offering streamlined financial management tools. Additionally, the bank has introduced an enhanced credit score feature on the easypaisa app, giving users valuable insights for informed financial decision-making.
Telenor Microfinance Bank (TMB) has reported a significant profit before tax of Rs2.6 billion in the first half of 2024, marking an extraordinary 788% increase from the Rs0.3 billion recorded in the same period last year. The bank’s equity has also seen impressive growth, now reaching Rs10 billion.
In terms of deposits, the bank has witnessed a 21% increase, with total deposits rising to Rs67 billion compared to Rs55.3 billion during the same period last year. The bank’s advances have also surged by 59%, climbing to Rs22.9 billion from last year’s Rs14.5 billion.
TMB’s flagship digital financial service, easypaisa, continues to lead the way in digital banking with robust growth. The platform now boasts over 15 million monthly active users, with one in four adults in Pakistan holding a registered easypaisa account.
Commenting on these achievements, Amin Sukhiani, Chief Financial Officer of Telenor Bank/easypaisa, said, “As we progress into the second half of 2024, our focus remains on driving economic growth and prioritizing our customers. Our digital transformation journey towards becoming a fully digital retail bank, pending regulatory approvals, is poised to enhance our service offerings and further our contribution to Pakistan’s financial ecosystem. We remain committed to promoting financial inclusion and advancing digital prosperity across the nation.”
TMB has made significant inroads into the Pakistani financial landscape by introducing a range of innovative solutions designed to empower both individuals and businesses. The bank’s easypaisa Karobar Ecosystem is set to transform the operational dynamics for retailers and FMCGs by providing them with streamlined financial management tools. Additionally, TMB has launched an enhanced credit score feature on the easypaisa app, enabling users to make more informed financial decisions with valuable insights at their fingertips.
These developments underscore TMB’s role as a key player in driving financial inclusion and digital innovation in Pakistan, setting new benchmarks in the microfinance and digital banking sectors. As the bank continues to expand its reach and enhance its service portfolio, it remains committed to fostering economic growth and empowering communities across the country.
