Karachi, Telenor Microfinance Bank (TMB) has announced a significant financial turnaround in the first quarter of 2024, posting a profit before tax of PKR 1.03 billion, in contrast to a loss in the same period last year.

According to Telenor Pakistan, the Bank's customer deposits witnessed a substantial increase, rising to PKR 63.26 billion, a 29.6% growth since March 31, 2023. The advances book also showed remarkable year-on-year growth of 53.5%, reaching PKR 19.15 billion. A key highlight of TMB’s performance was its Capital Adequacy Ratio (CAR) at 22.8%, indicating a strong capital buffer well above regulatory requirements.

The bank’s strategic focus on unsecured loans, which constitute over 40% of its lending portfolio, significantly contributed to its profitability. Moreover, TMB has successfully maintained one of the lowest cost of deposits at 1.9% within the industry, largely through deposits accumulated via its mobile wallet service.

TMB’s digital financial services platform, easypaisa, also showed robust growth, with over 41 million registered users and more than 14 million monthly active users, retaining its top spot as Pakistan's leading financial services app with a 4.5 rating.

Kashif Ahmed, Acting President and CEO of Telenor Bank/easypaisa, expressed gratitude for the support from team members, board members, partners, and regulators. He emphasized the bank's commitment to promoting financial inclusivity and continuing its journey towards becoming a digital retail bank, subject to regulatory approvals, to further enhance accessibility to financial services in Pakistan.