The Board of Directors of easypaisa digital bank (formally Telenor Microfinance Bank Limited), in its meeting dated March 6, 2025, approved the audited financial statements for the year ended December 31, 2024. easypaisa digital bank demonstrated exceptional growth in 2024, solidifying its position as a leading digital financial services provider in Pakistan. The Bank achieved a pre-tax profit (PBT) of PKR 4.7 billion, a remarkable 3.8x increase compared to PKR 1.2 billion in 2023. This significant growth was achieved alongside substantial expansion in business volumes and monthly active user base, while simultaneously investing in cloud services, technology, and operational enhancements. The Bank’s financial performance showcased robust growth across key metrics. Revenue surged by 50.8% YoY to PKR 38.9 billion, driven by a 59.9% increase in net markup income and a 37.6% rise in non-markup income. The registered user base surpassed 50 million, with over 16.1 million monthly active users. Despite increased operating expenses due to business expansion and regulatory compliance, the bank effectively improved its cost-to-income ratio to 80.91% from 93.10% in 2023. Customer deposits grew by 49.5% to PKR 76.2 billion, maintaining strong CASA and CA ratios of 99.9% and 83.0%. The advances book increased by 53.5% YoY to PKR 28.5 billion, with net advances to deposit (ADR) ratio of 33.5%. Credit impairment cost increased to PKR 2.5 billion, primarily due to the adoption of IFRS 9 and higher digital lending disbursements. The Bank’s PAR% and coverage ratio stood at 14.0% and 75.7%. Talking about the Bank’s performance and future outlook, Jahanzeb Khan, President & CEO, easypaisa digital bank, stated, “easypaisa digital bank will prioritize strategic initiatives to sustain its growth trajectory with the focus on improving trust of our customers as the first Digital Bank operating in Pakistan. These initiatives include the expansion of digital banking services, enhancement of customer experience, strategic partnerships and investments, leveraging data and AI for personalization, operational efficiencies, and ensuring robust regulatory compliance and security. easypaisa digital bank is committed to further strengthening its position as a leader in Pakistan’s digital financial sector” Amin Sukhiani, Chief Financial Officer, easypaisa digital bank, commenting on the financial results, said, “Surpassing 50 million registered users and achieving 50% growth in customer deposits reflects the trust placed in the easypaisa brand, while our strategic focus on expanding digital lending, coupled with effective risk management, has driven substantial growth in profitability and maintained a strong capital adequacy ratio.” In January 2025, easypaisa digital bank received the first Digital Retail Bank License in Pakistan, marking a pivotal moment for the nation’s financial sector. This license allows easypaisa to expand its services, offering deposit accounts, credit cards, digital loans, investment opportunities, and insurance products.
