TMB revenue up 52pc in Q1CY23

KARACHI: Telenor Microfinance Bank (TMB), operator of easypaisa, has reported its financial results for Q1 2023 posting a 52 percent year-on-year increase in its revenue, a statement said on Tuesday.

TMB's unaudited financial statements indicated an increase in its revenue, with the bank achieving positive EBTDA during the quarter and profit after tax for the month of March 2023. The bank reported EBITDA (earnings before interest, taxes, depreciation, and amortisation) of Rs227 million for Q1 2023, showing a YoY increase of 113 percent.

According to TMB, the growth was largely driven by the bank's emphasis on digital first initiatives, value creation for users, and improved unit economics which enabled the bank to reach exponential scale and generate sustainable growth.

TMB's mobile accounts also witnessed a growth, with a 3x YoY increase in net revenue. During the first quarter of 2023, TMB achieved a YoY increase of 45 percent in lending revenue, backed by Rs7 billion disbursements through a digital, cashless, and paperless process.

Commenting on the results, M. Mudassar Aqil, CEO of TMB, said, "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.”