{"id":1068,"date":"2024-08-30T10:52:50","date_gmt":"2024-08-30T10:52:50","guid":{"rendered":"https:\/\/pkfin.kotenterprises.dev\/?p=1068"},"modified":"2025-01-09T03:03:01","modified_gmt":"2025-01-09T03:03:01","slug":"telenor-microfinance-bank-posts-rs-2-6-billion-profit","status":"publish","type":"post","link":"https:\/\/pkfin.kotenterprises.dev\/?p=1068","title":{"rendered":"Telenor Microfinance Bank Posts Rs 2.6 Billion Profit Before Tax in H1-2024"},"content":{"rendered":"\r\n\r\n\r\n

Karachi, August 22, 2024<\/em> \u2014 The Board of Directors of Telenor Microfinance Bank (TMB) has announced the Bank\u2019s financial results for the half year ended June 30, 2024, revealing an extraordinary financial performance that underscores its leadership in Pakistan\u2019s fintech sector.<\/p>\r\n\r\n\r\n\r\n

For the first half of 2024 (H1\u201924), TMB recorded a profit before tax of Rs. 2.6 billion, marking a remarkable 788 percent increase compared to Rs. 0.3 billion in H1 2023. The Bank\u2019s equity reached Rs. 10 billion, further solidifying its position as a pioneering force in the country\u2019s financial landscape.<\/p>\r\n\r\n\r\n\r\n

Customer deposits and advances demonstrated significant growth during this period, with deposits surging by 21 percent to Rs. 67.0 billion, compared to Rs. 55.3 billion in H1 2023. Advances climbed by an impressive 59 percent, reaching Rs. 22.9 billion, up from Rs. 14.5 billion in the same period last year. Additionally, TMB maintained a robust Capital Adequacy Ratio (CAR) of 26.9 percent, highlighting the Bank\u2019s strong financial health and its ability to scale operations while sustaining growth.<\/p>\r\n\r\n\r\n\r\n

The Bank\u2019s flagship digital<\/a> financial services platform, Easypaisa, also achieved significant milestones, with over 15 million monthly active users and one in four Pakistani adults now holding a registered Easypaisa account. With more than 45 million registered users, Easypaisa continues to be one of Pakistan\u2019s leading financial services apps, boasting a 4.5-star rating on the Google Play Store\u2014one of the highest ratings among banking apps. TMB has recently transitioned the core wallet platform from a monolithic architecture to a microservices stack, making it more modular and scalable.<\/p>\r\n\r\n\r\n\r\n

Commenting on the Bank\u2019s outstanding performance, Amin Sukhiani, Chief Financial Officer of Telenor Bank\/Easypaisa, said, \u201cAs we move into the second half of 2024, our commitment to driving economic growth and development remains unwavering, with a continued focus on putting our customers first. Our digital transformation towards becoming a full-fledged Digital Retail Bank, subject to regulatory approvals, will further enhance our ability to serve our customers and contribute to Pakistan\u2019s financial landscape. We extend our heartfelt thanks to our outstanding team, supportive Board members, partners, regulators, and customers for their trust. We remain dedicated to our mission of advancing financial inclusion and fostering digital prosperity in Pakistan.\u201d<\/p>\r\n\r\n\r\n\r\n

TMB continues to make significant strides in the Pakistani financial landscape, launching innovative solutions and empowering both individuals and businesses. The Easypaisa Karobar Ecosystem is set to revolutionize operations for retailers and FMCGs by offering streamlined financial management tools. Additionally, the Bank has introduced an enhanced credit score feature on the Easypaisa app, providing users with valuable insights to make informed financial decisions.<\/p>\r\n\r\n\r\n\r\n

TMB\u2019s commitment to innovation has been recognized internationally, with the Easypaisa Audio Nikahnama campaign receiving accolades at the MADSTARS Awards in Korea, Caples Awards in the UK, Dubai Lynx Awards, and International CLIO Awards. The Bank\u2019s ongoing efforts to transform physical branches into Smart Branches, upgrade the Ericsson Wallet platform, and strengthen its employee benefits program demonstrate TMB\u2019s dedication to enhancing customer experience and supporting its talented workforce.<\/p>\r\n\r\n\r\n\r\n

As TMB continues to expand its reach and offerings, it remains committed to providing innovative financial solutions and empowering individuals and businesses across Pakistan.<\/p>\r\n","protected":false},"excerpt":{"rendered":"

Karachi, August 22, 2024 — The Board of Directors of Telenor Microfinance Bank (TMB) has announced the Bank’s financial results for the half year ended June 30, 2024, revealing an extraordinary financial performance that underscores its leadership in Pakistan’s fintech sector. For the first half of 2024 (H1’24), TMB recorded a profit before tax of […]<\/p>\n","protected":false},"author":1,"featured_media":1069,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_monsterinsights_skip_tracking":false,"_uf_show_specific_survey":0,"_uf_disable_surveys":false,"_FSMCFIC_featured_image_caption":"","_FSMCFIC_featured_image_nocaption":"","_FSMCFIC_featured_image_hide":"","footnotes":""},"categories":[6],"tags":[15,402,659,654,403],"class_list":["post","format-standard"],"aioseo_notices":[],"aioseo_head":"\n\t\t\n\t\n\t\n\t\n\t\n\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t\n\t\t