Microfinance bank Telenor announces strong results for the first quarter of 2024, demonstrating impressive growth
Telenor Microfinance Bank (TMB) has announced exceptional financial results for the first quarter of 2024 (1QFY24). The bank reported an impressive pre-tax profit of PKR 1.03 billion in the first quarter of '24, compared to a pre-tax loss of PKR 185 million recorded in the same period last year, strengthening its position as a fintech innovator Pakistan.
In the first quarter of 2024, customer deposits increased to PKR 63.26 billion, an increase of 29.6% compared to March 31, 2023, while the advance book increased to PKR 19.15 billion, recording a growth of 53.5% in YoY. TMB also maintained a high capital adequacy ratio (CAR) of 22.8%, which significantly exceeds regulatory requirements. This achievement is a testament to TMB's ability to scale and improve profitability while maintaining sustainable growth.
The bank maintained strong performance through a strategic focus on unsecured loans, which make up more than 40% of its loan portfolio, contributing to strong traditional loan returns. Focusing on current accounts, the Bank achieved one of the lowest deposit rates of 1.9% among other industry players, demonstrating its operational efficiency primarily through deposits through mobile wallets.
TMB's flagship digital financial services platform, easypaisa, with over 41 million registered users, also recorded strong growth. The platform has reached 14 million monthly active users. easypaisa app maintained its position as the leading financial services app in Pakistan with a rating of 4.5, the highest among banking apps.
Commenting on the outstanding results, Kashif Ahmed, Acting President and CEO, Telenor Bank/easypaisa said, “As we close out the first quarter of 2024, we are building on the impressive momentum generated by our achievements in 2023 to propel us forward. We remain focused on promoting economic growth and development while maintaining our customer-centric approach. I thank our exceptional team, supportive Board members, partners and regulators for their contributions. We remain steadfast in our mission to promote financial inclusion and digital prosperity in Pakistan.”
TMB is committed to empowering every segment of Pakistani society with one in four adults having a registered easypaisa account. By transitioning to a digital retail bank pending regulatory approval, TMB aims to expand access to financial services for both individuals and businesses with convenience and ease.
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