Telenor Microfinance Bank Achieves Record PKR 2.6 Billion Profit Before Tax in H1 2024*

**Islamabad** – Telenor Microfinance Bank (TMB) has reported a landmark achievement in its financial performance for the first half of 2024 (H1’24), recording an impressive profit before tax of PKR 2.6 billion. This marks an extraordinary 788% increase compared to the PKR 0.3 billion profit achieved in H1 2023. The Board of Directors, in a meeting held on August 22, 2024, approved the financial results, which also revealed that TMB’s equity has now reached PKR 10 billion, further cementing its position as a trailblazer in Pakistan’s fintech sector.

**Growth in Customer Deposits and Advances**
TMB has shown remarkable growth across key financial indicators. Customer deposits surged to PKR 67.0 billion, representing a 21% increase from PKR 55.3 billion in H1 2023. Advances also witnessed a significant boost, growing by 59% to PKR 22.9 billion, compared to PKR 14.5 billion in the same period last year. The Bank maintained a robust Capital Adequacy Ratio (CAR) of 26.9%, underscoring its strength in scaling operations while sustaining growth. These numbers reflect the bank’s successful execution of a digital-first strategy amidst a challenging economic environment, emphasizing its ability to deliver strong financial performance consistently.

**Easypaisa’s Dominance in Digital Financial Services**
TMB’s flagship digital platform, Easypaisa, continued to dominate Pakistan’s digital financial services landscape. The platform achieved a milestone of over 15 million monthly active users, with one in four Pakistani adults holding a registered Easypaisa account. Easypaisa now boasts over 45 million registered users, solidifying its status as one of the leading financial services apps in Pakistan. Its impressive rating of 4.5 on the Google Play Store ranks among the highest for banking apps. TMB has transitioned the core Easypaisa platform from a monolithic architecture to a microservices stack, enhancing its modularity and scalability to meet growing user demand.

**Strategic Vision and Digital Transformation**
Amin Sukhiani, Chief Financial Officer at Telenor Bank/Easypaisa, commented on the bank’s exceptional performance: “As we progress into the second half of 2024, our unwavering commitment to driving economic growth and development remains our primary focus, with an emphasis on prioritizing our customers. Our ongoing digital transformation towards becoming a full-fledged Digital Retail Bank, pending regulatory approvals, will further elevate our service delivery and our contributions to Pakistan’s financial ecosystem. We express our deep gratitude to our outstanding team, supportive Board members, partners, regulators, and customers for their continued trust in us. We remain dedicated to our mission of advancing financial inclusion and fostering digital prosperity in Pakistan.”

**Innovative Solutions and Industry Recognition**
TMB has introduced groundbreaking solutions that are revolutionizing financial services in Pakistan. The Easypaisa Karobar Ecosystem is set to transform operations for retailers and FMCGs by providing streamlined financial management tools. Additionally, the Bank has rolled out an enhanced credit score feature on the Easypaisa app, empowering users with insights for more informed financial decisions. TMB’s commitment to innovation has garnered international recognition, with the Easypaisa Audio Nikahnama campaign earning accolades at prestigious awards such as the MADSTARS Awards Korea, Caples Awards UK, Dubai Lynx Awards, and International CLIO Awards.

**Commitment to Excellence and Future Prospects**
As part of its ongoing efforts to enhance customer experience and support its workforce, TMB is transforming its physical branches into Smart Branches, upgrading the Ericsson Wallet platform, and strengthening its employee benefits program. With a continued focus on expanding its reach and offering cutting-edge financial solutions, TMB is well-positioned to empower individuals and businesses across Pakistan, driving financial inclusion and innovation in the banking sector.