Airtel Payments Bank Q2 net up 45% at ₹11.2 crore, revenue up 58%
Airtel Payments Bank on Wednesday reported a 45 per cent increase in consolidated net profit at ₹11.2 crore for the second quarter ended September 30, 2024.
This was also higher than the net profit of ₹7.2 crore recorded in the June 2024 quarter.
For the quarter under review, revenue came in at ₹674 crore, up 58 per cent on a year-on-year basis. The sequential quarterly growth was over 10 per cent to the revenues of ₹610 crore recorded in June 2024 quarter.
In the September 2024 quarter, EBITDA witnessed an increase of 87 percent YoY to ₹76.1 crore.
In a milestone, Airtel Payments Bank’s Monthly Transacting User (MTU) count grew to 102 million, up 76 per cent YoY. The annualised gross merchandise value (GMV) crossed $40 billion reflecting the growing adoption of the bank’s digital savings accounts and other products. Customer balances crossed ₹2,950 crore, up 43 per cent YoY.
Key player
Anubrata Biswas, MD and CEO of Airtel Payments Bank, said, “The results underscore our position as a key player in the digital banking sector, where we have been the fifth largest mobile bank in India. The rising adoption of our digital solutions and security features has made us India’s first choice for a safe second account”.
The growth validates the strength of the payments bank model, demonstrating its crucial role in driving financial inclusion and meeting the evolving digital needs of India’s population, he said.
Airtel Payments Bank caters to three key customer segments: Urban Digital, Underbanked, and Industries & Institutions. It provides a wide range of digital banking solutions, alongside offerings such as insurance, lending, and investment services.
The bank processes over 8 billion transactions annually and ranks fifth among the leading mobile banking providers in India.
With more than 500,000 neighbourhood banking points, Airtel Payments Bank extends its services to even the most remote parts of rural India. As the largest micro-cash player in the country, the bank is currently digitising ₹8,000 crore in cash transactions each month through partnerships with over 4,000 corporate clients.