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Telenor Microfinance Bank Reports Robust Q1 2024 Results, Showcasing Impressive Growth

Telenor Microfinance Bank Reports Robust Q1 2024 Results, Showcasing Impressive Growth

Telenor Microfinance Bank (TMB) announced impressive financial results for the first quarter of 2024 (Q1’24), solidifying its position as a leading force in Pakistan’s fintech landscape. The bank reported a profit before tax of PKR 1.03 billion during Q1’24, a significant improvement from the loss before tax of PKR 185 million reported for the same period last year.

During Q1’24, TMB witnessed a surge in customer deposits, reaching PKR 63.26 billion, marking a 29.6% increase from March 31, 2023. Additionally, the advances book grew to PKR 19.15 billion, reflecting a year-on-year growth of 53.5%. The bank also maintained a robust Capital Adequacy Ratio (CAR) of 22.8%, well above regulatory requirements, showcasing its ability to scale and enhance profitability sustainably.

TMB strategically focused on unsecured loans, which constitute over 40% of its lending portfolio, contributing to its high traditional lending yield. With a focus on current accounts, the bank achieved one of the lowest cost of deposits in the industry at 1.9%, primarily through mobile wallet deposits.

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TMB’s flagship digital financial services platform, easypaisa, also witnessed significant growth, with more than 41 million registered users and over 14 million monthly active users. The easypaisa app maintained its position as Pakistan’s leading financial services app with a rating of 4.5, the highest among banking apps.Kashif Ahmed, Acting President & CEO of Telenor Bank/easypaisa, commented on the remarkable performance, highlighting the bank’s commitment to contributing to the growth and development of the economy while prioritizing customer needs. He expressed gratitude to the team, Board members, partners, and regulators for their contributions and reiterated TMB’s mission to promote financial inclusivity and digital prosperity in Pakistan.

Dedicated to empowering every segment of Pakistani society, TMB aims to enhance access to financial services for individuals and businesses alike, transitioning towards becoming a digital retail bank pending regulatory approvals.