Easypaisa announces 788% increase in Profit in Bank’s financial results for the half year ended June 30, 2024. The Board of Directors of Telenor Microfinance Bank (TMB) approved the Bank’s financial results. The meeting was held on August 22, 2024. TMB has reported exceptional financial performance for the first half of 2024 (H1’24). The profit before tax of PKR 2.6 billion is a staggering 788% increase compared to H1 2023: PKR 0.3 billion and equity touching PKR 10 billion. Thus, TMB is solidifying its position as a pioneering force in Pakistan’s fintech landscape.
Customer deposits and advances have demonstrated remarkable growth, with deposits reaching PKR 67.0 billion up by 21% in comparison with H1 2023: PKR 55.3 billion and advances climbing to PKR 22.9 billion, growing by 59%, H1 2023: PKR 14.5 billion. The Bank has also maintained a robust Capital Adequacy Ratio (CAR) of 26.9%.
This achievement underscores TMB’s exceptional ability to scale operations and sustain growth simultaneously. The significant increase in loans and advances, coupled with excellent profitability, further highlights the Bank’s strong financial performance and an effective digital-first strategy in the challenging economic landscape.
Easypaisa Records Robust Growth
Moreover, 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. With more than 45 million registered users, easypaisa maintained its position as one of Pakistan’s leading financial services app with a rating of 4.5 on the Google Play store, one of the highest among banking apps. TMB has further transitioned the core wallet platform from a monolithic architecture to a microservices stack making it more modular and scalable.
Commenting on the remarkable performance, Amin Sukhiani, Chief Financial Officer, Telenor Bank/easypaisa, 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 extend our heartfelt thanks to our outstanding team, supportive Board members, partners, regulators and customers for their trust. We remain dedicated to our mission of advancing financial inclusion and fostering digital prosperity in Pakistan.”
Initiatives of Telenor Microfinance Bank
As Easypaisa announces 788% increase in Profit, its owner TMB has also made significant strides in the Pakistani financial landscape. It includes 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. Additionally, the Bank has introduced an enhanced credit score feature on the easypaisa app, providing users with valuable insights to make informed financial decisions. TMB’s commitment to innovation was further recognized internationally, with the easypaisa Audio Nikahnama campaign receiving accolades at the MADSTARS Awards Korea, Caples Awards UK, Dubai Lynx Awards, and International CLIO Awards.
The Bank’s ongoing efforts to transform physical branches into Smart Branches, upgrade the Ericsson Wallet platform, and strengthen its employee benefits program demonstrate TMB’s dedication to enhancing customer experience and supporting its talented workforce. As the Bank continues to expand its reach and offerings, it remains committed to providing innovative financial solutions and empowering individuals and businesses across Pakistan.
