Telenor Microfinance Bank (TMB) unveiled outstanding financial achievements for the first quarter of 2024 (Q1’24).
The bank soared to a remarkable profit before tax of PKR 1.03 billion during Q1’24, marking a significant turnaround from the previous year’s loss before tax of PKR 185 million. This performance solidifies Telenor Microfinance Bank’s position as a pioneering force in Pakistan’s fintech landscape.
During Q1’24, TMB experienced a surge in customer deposits, reaching PKR 63.26 billion, a substantial increase of 29.6% from March 31, 2023. Simultaneously, the advances book grew to PKR 19.15 billion, showcasing an impressive year-on-year growth of 53.5%. Moreover, TMB maintained a robust Capital Adequacy Ratio (CAR) of 22.8%, surpassing regulatory requirements. These achievements underscore TMB’s capacity to scale, enhance profitability, and sustain growth effectively.
Strategically, the bank maintained its robust performance by focusing on unsecured loans, which now constitute over 40% of its lending portfolio, contributing significantly to its high traditional lending yield. Emphasizing current accounts, TMB achieved one of the lowest cost of deposits, standing at 1.9%, compared to other industry players. This operational efficiency primarily stems from mobile wallet deposits.
Additionally, TMB’s flagship digital financial services platform, easypaisa, witnessed remarkable growth, boasting over 41 million registered users and reaching a milestone of over 14 million monthly active users. With a user rating of 4.5, easypaisa app maintains its position as Pakistan’s leading financial services app, outperforming banking apps.
Kashif Ahmed, Acting President & CEO of Telenor Bank/easypaisa, expressed satisfaction with the outstanding performance. He emphasized the momentum generated by achievements in 2023, driving the bank forward in its mission to contribute to the growth and development of the economy while maintaining a customer-first approach. Ahmed extended gratitude to the exceptional team, supportive Board members, partners, and regulators for their contributions, reaffirming TMB’s commitment to promoting financial inclusivity and digital prosperity in Pakistan.
Dedicated to empowering every segment of Pakistani society, TMB boasts a remarkable one in every four adults holding a registered easypaisa account. Transitioning toward a digital retail bank, pending regulatory approvals, TMB aims to further enhance access to financial services for individuals and businesses alike, prioritizing convenience and ease.
