Islamabad, Aug 30: The Telenor Microfinance Bank (TMB) Board of Directors accepted the Bank’s financial performance for the half year that ended on June 30, 2024, during a meeting on August 22, 2024.
TMB has revealed remarkable financial results for the first half of 2024 (H1’24), with equity reaching Rs. 10 billion and profit before tax of Rs. 2.6 billion a startling 788 percent increase over H1 2023’s profit of Rs. 0.3 billion. This further establishes TMB as a leading player in Pakistan’s fintech scene.
Customer deposits and advances have grown at an impressive rate; deposits now total Rs. 67.0 billion, up 21% from H1 2023’s Rs. 55.3 billion, while advances have increased to Rs. 22.9 billion, up 59% from H1 2023’s Rs. 14.5 billion.
Additionally, the Bank has kept up a strong 26.9 percent Capital Adequacy Ratio (CAR). This accomplishment highlights TMB’s remarkable capacity to grow and scale operations at the same time. In the face of a difficult economic environment, the Bank’s impressive profitability and notable rise in loans and advances underscore its sound financial performance and digital-first approach.
One in four adult Pakistanis now has an Easypaisa account. TMB’s flagship digital financial services platform, Easypaisa, had strong growth and recently reached the milestone of over 15 million monthly active customers. Easypaisa, which has over 45 million registered users, continues to be one of Pakistan’s top financial services apps. It has one of the highest ratings of any banking app in the Google Play store, at 4.5.
The main wallet platform has been further transformed by TMB from a monolithic architecture to a microservices stack, increasing its scalability and modularity. “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,” stated Amin Sukhiani, Chief Financial Officer, Telenor Bank/Easypaisa, in response to the outstanding performance. Crucially, subject to regulatory permissions, our digital transition into a fully functional Digital Retail Bank will improve our capacity to serve our clients and improve Pakistan’s financial environment. We really appreciate the trust that our amazing team, encouraging Board members, partners, regulators, and customers have shown in us.
We are steadfast in our commitment to helping Pakistan achieve digital prosperity and financial inclusion. Through the introduction of creative solutions and the empowerment of both individuals and enterprises, TMB has significantly improved the financial environment in Pakistan. The Easypaisa Karobar Ecosystem, which provides streamlined financial management tools, will revolutionize operations for FMCGs and retailers. Furthermore, the Bank has improved the Easypaisa app’s credit score feature, giving consumers insightful information to help them make wise financial decisions.
The Easypaisa Audio Nikahnama campaign won prizes at the MADSTARS Awards Korea, Caples Awards UK, Dubai Lynx Awards, and International CLIO Awards, demonstrating TMB’s continued dedication to innovation on a global scale. TMB is committed to improving customer experience and supporting its skilled team, as evidenced by the Bank’s ongoing initiatives to enhance the Ericsson Wallet platform, improve its employee benefits program, and convert physical locations into Smart locations.The Bank is dedicated to giving cutting-edge financial solutions and enabling people and businesses throughout Pakistan, even as it broadens its scope and services.
