TMB reports Rs1.03bn Q1 profit

KARACHI: Telenor Microfinance Bank (TMB) reported a strong profit before tax of Rs1.03 billion for the first quarter of 2024, compared to a loss before tax of Rs185 million in the same period last year, a statement said on Friday.

Customer deposits surged 29.6 percent to Rs63.26 billion, while advances increased 53.5 percent to Rs19.15 billion #. The bank maintained a robust Capital Adequacy Ratio (CAR) of 22.8 percent, above regulatory requirements.

TMB's digital financial services platform, easypaisa, recorded robust growth with over 41 million registered users and 14 million monthly active users. The easypaisa app maintained its position as Pakistan's leading financial services app with a rating of 4.5.

"We are building upon the impressive momentum generated by our achievements in 2023, driving us forward," said Kashif Ahmed, Acting President & CEO of Telenor Bank/easypaisa. "We remain focused on contributing to the growth and development of the economy while maintaining our customer-first approach."