Telenor Microfinance Bank Announces Strong Q1 2024 Results, Demonstrating Impressive Growth
Telenor Microfinance Bank Announces Strong Q1 2024 Results, Demonstrating Impressive Growth

Telenor Microfinance Bank (TMB) announced exceptional financial performance for the first quarter of 2024 (Q1’24). The Bank reported an impressive profit before tax of PKR 1.03 billion during Q1’24 compared to a loss before tax of PKR 185 million reported for the same period last year, solidifying its position as a pioneering force in the fintech landscape of Pakistan.

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During Q1’24, customer deposits surged to PKR 63.26 billion, an increase of 29.6% from March 31, 2023, while the advances book increased to PKR 19.15 billion, registering a YoY growth of 53.5%. TMB also maintained a robust Capital Adequacy Ratio (CAR) of 22.8%, well above the regulatory requirements. The achievement is a testament to TMB’s ability to scale and enhance profitability while maintaining sustainable growth.

The Bank maintained its robust performance by focusing strategically on unsecured loans, which make up over 40% of its lending portfolio, contributing to its high traditional lending yield. With a focus on current accounts, the Bank has achieved one of the lowest cost of deposits of 1.9% amongst other industry players, showcasing its operational efficiency primarily through mobile wallet deposits.

With more than 41 million registered users, TMB’s flagship digital financial services platform, easypaisa also recorded robust growth. The platform achieved a milestone of 14 million plus monthly active users. The easypaisa app maintained its position as Pakistan’s leading financial services app with a rating of 4.5, highest amongst banking apps.

Commenting on the remarkable performance, Kashif Ahmed, Acting President & CEO of Telenor Bank/easypaisa, said, “As the first quarter of 2024 concludes, we are building upon the impressive momentum generated by our achievements in 2023, driving us forward. We remain focused on contributing to the growth and development of the economy while maintaining our customer-first approach. I extend my gratitude to our exceptional team, supportive Board members, partners, and regulators for their contributions. We remain steadfast in our mission to promote financial inclusivity and digital prosperity in Pakistan.”

TMB is dedicated to empowering every segment of Pakistani society, with a remarkable one in every four adults holding a registered easypaisa account. Transitioning towards a digital retail bank, pending regulatory approvals, TMB aims to enhance access to financial services for individuals and businesses alike, with convenience and ease.

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