Airtel Payments Bank Results: Net profit soars 60%, revenues grow 42%, deposits rise 50% in FY24

Airtel Payments Bank has recorded 60 per cent increase in net profit for fiscal year 2023-24 at ₹ 34.5 crore, while revenues grew 42 per cent year-on-year at ₹1,836 crore. 

Airtel Payments Bank’s monthly transacting users (MTU) grew to 80.4 million, with overall customer deposits at ₹2,801 crore, a 50 per cent YoY surge.

Anubrata Biswas, MD and CEO of Airtel Payments Bank, said, “Our strong financial performance underscores the trust and confidence placed in us by our customers and partners. As we witness sustained demand for our digital offerings and accelerate customer acquisitions, we remain steadfast in our mission to empower every Indian with safe, simple and rewarding digital banking services.”

Airtel Payments Bank also serves as an exclusive acquiring and issuance partner for five metro train services, and FASTag-based parking fee collection at over 100 sites. 

Airtel Payments Bank caters to three segments — urban digital, underbanked, and industries and institutions; it offers end-to-end digital banking solutions and digital financial services including insurance, lending, and investment solutions. 

Processing over 8 billion transactions annually across platforms, it is the sixth largest in mobile banking. 

It has over five lakh neighbourhood banking points; it digitises over ₹7,500 crore of cash a month with over 4,000 corporate partners.