The operator of Pakistan’s top digital financial services platform, easypaisa, Telenor Microfinance Bank (TMB), has released its financial results for the first quarter of 2023, displaying a strong performance amid difficult economic circumstances. The unaudited financial results of TMB show a notable increase in revenue as the bank earned a profitable month in March 2023 and positive EBTDA for the quarter. TMB is now the first digital platform in Pakistan to be profitable and scalable thanks to this achievement.
The significant year-over-year rise of 113% in TMB’s Q1 2023 EBTDA, which totaled PKR 227 million, highlights the company’s solid performance. The bank’s revenue for the first quarter of 2023 increased by 52% over the same period the previous year. TMB’s unwavering focus on digital-first initiatives, value creation for users, and improved unit economics, all of which contributed to exponential scale and sustainable growth, may be credited with the significant success.
The bank’s mobile accounts saw equally impressive growth, with a threefold increase in net revenue year over year. TMB’s lending revenue increased by an astounding 45% during the first quarter of 2023 thanks to PKR 7 billion that was released via a fully digital, cashless, and paperless approach.
Mudassar Aqil, CEO of TMB, expressed his happiness at the bank’s achievement by saying, “We are happy to have achieved the elusive feat of scale and profitability together. The impressive Q1 2023 results are proof of our team’s unwavering dedication to providing cutting-edge, inclusive digital financial products that serve a broad consumer base. We are still committed to providing our clients with the highest level of service while helping the economy grow and thrive.
The client base of TMB has surpassed 34 million registered users, with over 15 million active users on the easypaisa app, thanks to the bank’s customer-centric banking strategy, which is characterised by smooth and user-friendly services. The bank’s success can be ascribed to its capacity to make the most of its cutting-edge technological infrastructure, which allowed TMB to utilise its knowledge of finance and digital banking. The fact that one in four adults in Pakistan currently has a registered easypaisa account is notable evidence of the innovative goods and services offered by TMB that are tailored to the specific demands of various demographic groups in Pakistan.
With a wide range of easily accessible digital financial services, TMB is committed to provide millions of Pakistanis practical and dependable banking options. The bank’s extraordinary performance serves as an example of how dedication to client satisfaction and financial inclusion can result in long-term growth and profitability.