Airtel Payments Bank’s Q1 net up 41% at ₹7.2 crore

Posted on by

Airtel Payments Bank on Thursday reported a 41 per cent increase in net profit for the first quarter ended June 30, 2024, at ₹7.2 crore.

For the first time, quarterly revenues of the company surpassed the ₹600 crore mark to touch ₹610 crore, up 52 per cent on a year-on-year (y-o-y) basis.

In the April-June 2024 period, the bank’s Monthly Transacting Users (MTU) exceeded 88 million, giving a boost to customer deposits, which grew by 53 per cent y-o-y to ₹2,943 crore. The bank’s annualised gross merchandise value (GMV) stands at over ₹3.4 lakh crore.

In 2023-24, Airtel Payments Bank had recorded 60 per cent increase in net profit to the tune of ₹34.5 crore, while revenue grew 42 per cent y-o-y to ₹1,836 crore.

For the quarter under review, growth in revenue and MTUs has been driven primarily by an uptake in the digital savings bank accounts along with other digital offerings. Also, the bank’s eco-friendly NCMC enabled cards are witnessing a strong demand and usage. 

 Anubrata Biswas, MD and CEO of Airtel Payments Bank, said: “We are pleased to report a significant milestone this quarter, with our revenues surpassing ₹600 crore for the first time. This industry-leading growth has been driven by strong uptake of our flagship safe daily transaction account for India and a surge in digital payments across all our businesses. The Bank, today, is well-positioned as first-in-class to take margin-enhancing advantage of India’s large unfolding digital opportunities.”

 Airtel Payments Bank caters to three distinct segments — urban digital, underbanked and industries and institutions — offering comprehensive end-to-end digital banking solutions alongside a bouquet of digital financial services including insurance, lending, and investment solutions. 

Processing over 8 billion transactions annually across its platforms, Airtel Payments Bank stands as the sixth largest player amongst mobile banking users. 

The Payments Bank addresses the challenge of accessibility by extending banking services to the deepest rural pockets with its largest banking network comprising over 5,00,000 neighbourhood-banking points.