ISLAMABAD: Telenor Microfinance Bank (TMB) posted a profit before tax of Rs2.6 billion during the first half of calendar 2024, showing an increase of 788 per cent over the corresponding period last year.

The customer deposits and advances reached Rs67bn, up by 21pc compared to the first half of 2023.

According to a bank press release, the capital adequacy ratio stood at 26.9pc. “The significant increase in loans and advances, coupled with excellent profitability, further highlights the bank’s strong financial performance and an effective digital-first strategy in the challenging economic landscape,” the statement said.

It added that the TMB’s digital financial services platform, ‘easypaisa’, has 45 million registered users.

Amin Sukhiani, Chief Financial Officer, Telenor Bank/easypaisa, said that the focus during the second half would be on becoming a full-fledged digital retail bank.

Published in Dawn, August 31st, 2024