Telenor Microfinance Bank profit grows 788pc, reaches Rs2.6bn

KARACHI: Telenor Microfinance Bank (TMB) has reported a profit before tax of Rs2.6 billion, a staggering 788 per cent increase compared to the profit of Rs0.3 billion reported in H1 2023; the bank’s equity touches Rs10 billion.

Deposits in the bank have reached Rs67 billion, up by 21 per cent in comparison with Rs55.3 billion during the same period last year and advances climbed to Rs22.9 billion, growing by 59 per cent against the Rs14.5 billion reported last year.

TMB’s flagship digital financial services platform, easypaisa, recorded robust growth, achieving a milestone of over 15 million monthly active users with one in four Pakistani adults having a registered easypaisa account.

Commenting on the performance, Chief Financial Officer of Telenor Bank/easypaisa Amin Sukhiani said, “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. Importantly, our digital transformation towards becoming a full-fledged digital retail bank, subject to regulatory approvals, will further enhance our ability to serve our customers and contribute to Pakistan’s financial landscape. We remain dedicated to our mission of advancing financial inclusion and fostering digital prosperity in Pakistan.”

TMB has made significant strides in the Pakistani financial landscape, launching innovative solutions and empowering individuals and businesses alike. The easypaisa Karobar Ecosystem will transform operations for retailers and FMCGs, offering streamlined financial management tools.

The bank has introduced an enhanced credit score feature on the easypaisa app, providing users with valuable insights to make informed financial decisions.