ISLAMABAD: Telenor Microfinance Bank (TMB), operator of Pakistan’s top digital financial services platform easypaisa, announced on Thursday its financial results for the year ended December 31, 2023, marking a remarkable turnaround with a profit before tax of Rs1.2 billion.
This impressive performance and the securing of the In-Principle Approval for a Digital Retail Bank license from the State Bank of Pakistan (SBP) in September last year are a testament to the Bank’s digital transformation journey, Telenor said in a press release.
The Bank reported revenue growth of 70 percent year-over-year of Rs28 billion, driven by 90 percent growth in net markup income from higher deposits and favorable rates, as well as 65 percent growth in non-markup income to Rs14 billion. Customer deposits grew 9.3 percent to Rs50.9 billion, while the advances book increased 60 percent to PKR 18.6 billion. The Bank also maintained a robust capital adequacy ratio of 21.91 percent, well above regulatory requirements.
Telenor Microfinance Bank’s Platform easypaisa
TMB’s flagship digital financial services platform easypaisa, continued strong growth, serving over 13.2 million monthly active users in 2023, a 17% percent year-over-year increase. The easypaisa app saw 9.6 million monthly active app users, up 32 percent from 2022, maintaining its position as Pakistan’s top financial app. In 2023, easypaisa processed over 2.1 billion transactions worth Rs7 trillion, representing a substantial 56 percent growth in transactions and 77 percent growth in volume compared to 2022.
Commenting on the major milestone, Kashif Ahmed, Acting President and CEO, TMB said that the remarkable financial turnaround in 2023, following the adoption of the digital-first strategy, was a testament to the unwavering dedication of the team and the trust placed in us by the State Bank of Pakistan, the Board, and the valued customers. This defining year has paved the way for an exciting future as TMB transitions into a digital retail bank and witnesses the impressive growth of its easypaisa platform.
