Telenor Microfinance Bank (TMB), the operator of Pakistan’s leading digital financial services platform, easypaisa, has released its financial results for Q1 2023, showcasing a strong performance despite challenging economic conditions. The bank’s unaudited financial statements reveal a significant increase in revenue, with TMB achieving positive EBITDA during the quarter and becoming the first digital platform in Pakistan to achieve scale and profitability with a profit after tax for the month of March 2023.
TMB’s strong performance is further highlighted by an EBITDA of PKR 227 million for Q1 2023, showing a year-on-year increase of 113%. Additionally, the bank’s revenue for the same period increased by 52% year-on-year. This growth can be attributed to the bank’s focus on digital-first initiatives, value creation for users, and improved unit economics, which have allowed TMB to achieve exponential scale and generate sustainable growth.
The number of TMB’s mobile accounts has also experienced rapid growth, witnessing a three-fold increase year-on-year in net revenue. Furthermore, during the first quarter of 2023, TMB achieved an impressive 45% year-on-year increase in lending revenue, supported by PKR 7 billion disbursements through a fully digital, cashless, and paperless process.
M. Mudassar Aqil, CEO of TMB, expressed his delight at the bank’s performance, stating, “We are thrilled to have achieved the elusive feat of scale and profitability together. The strong results in Q1 2023 are a testament to our team’s unwavering commitment to delivering innovative and inclusive digital financial solutions that cater to a diverse customer pool. We remain focused on contributing to the growth and development of the economy while serving our customers with the utmost dedication.”
TMB’s customer-centric banking approach, which prioritizes seamless and user-friendly banking services, has resulted in a customer base exceeding 34 million registered users, with over 15 million active users on the TMB app. The bank’s success can be attributed to its state-of-the-art technology infrastructure, which allows TMB to leverage its digital banking and financial expertise effectively.
The innovative products and services offered by TMB, tailored to the unique needs of all segments of Pakistan, are evident from the fact that one in four adults in the country has a registered easypaisa account. With its accessible and convenient digital financial services portfolio, TMB aims to provide reliable banking services to millions of Pakistanis. The bank’s success serves as an inspiration, showcasing how a strong focus on customer satisfaction and financial inclusion can lead to sustained growth and profitability.
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