Easypaisa Digital Bank (formerly known as Telenor Microfinance Bank Limited) has posted an exceptional financial performance for the year ended December 31, 2024, with a remarkable 3.8x growth in its pre-tax profit (PBT). During a Board of Directors’ meeting held on March 6, 2025, the bank announced that it had achieved a PBT of Rs 4.7 billion, compared to Rs 1.2 billion in 2023, marking a significant leap in profitability. This impressive growth has solidified the bank’s position as a leading provider of digital financial services in Pakistan, highlighting its strong growth trajectory and innovative approach.
The growth was not limited to just profit; the bank also recorded a substantial increase in business volumes, its user base, and investments in key areas such as technology, cloud services, and operational infrastructure. Easypaisa’s revenue for the year surged by 50.8 percent year-on-year (YoY), reaching Rs 38.9 billion. This was driven largely by a 59.9 percent increase in net markup income and a 37.6 percent rise in non-markup income, indicating broad-based growth across its financial offerings. The bank’s user base grew significantly as well, surpassing 50 million registered users, with over 16.1 million of those being monthly active users, a clear reflection of the growing adoption of digital financial services.
Despite facing increased operating expenses driven by business expansion and the need to meet regulatory requirements, easypaisa digital bank managed to improve its cost-to-income ratio significantly. The ratio improved to 80.91 percent in 2024, down from 93.10 percent in 2023, showcasing the bank’s operational efficiency and focus on cost management. The strong growth in the customer base and operational improvements also translated into robust deposit growth. Customer deposits increased by 49.5 percent, reaching Rs 76.2 billion, with a strong CASA (Current Account and Savings Account) ratio of 99.9 percent and a CA (Current Account) ratio of 83.0 percent, highlighting the trust customers have in the bank’s digital offerings.
The advances book also saw impressive growth, rising by 53.5 percent YoY to Rs 28.5 billion. The bank’s net advances-to-deposit (ADR) ratio stood at 33.5 percent, indicating a solid balance between growth in loans and deposits. However, the bank did face an increase in credit impairment cost, which rose to Rs 2.5 billion. This was mainly attributed to the adoption of IFRS 9 accounting standards and higher digital lending disbursements, signaling the bank’s growing presence in the digital lending space. The bank’s non-performing asset (PAR%) ratio stood at 14.0 percent, while its coverage ratio was 75.7 percent, both of which are important metrics indicating the bank’s risk management practices.
Looking ahead, Jahanzeb Khan, President & CEO of easypaisa digital bank, shared his vision for the future of the bank. He emphasized that the bank will continue to focus on expanding its digital banking services and improving customer experience. Strategic partnerships, enhanced personalization through data and artificial intelligence (AI), and investments in operational efficiencies will be key areas of focus. Khan also stressed the importance of ensuring robust regulatory compliance and maintaining a high level of security as the bank aims to further strengthen its position as the first digital bank in Pakistan.
Easypaisa Digital Bank’s performance in 2024 demonstrates not only strong financial growth but also the increasing role of digital banking in transforming the financial landscape of Pakistan. With a solid strategy in place and a commitment to innovation, the bank is poised to maintain its leadership position in the rapidly evolving digital financial services sector.