Airtel Payments Bank net up 141% to ₹21.7 crore in FY23

Airtel Payments Bank (APB), a fintech company, recorded a 141 per cent increase in net profit for the 2022-23 financial year at Rs.21.7 crore (Rs.9.2 crore).

This is the second consecutive fiscal year that APB has been profitable. For the 2022-23 financial year, APB reported a 37 percent increase in revenue at Rs.1,291 crore.

In 2022-23, customer deposits grew by 59 per cent year-on-year to INR 1,865 crore, supported by the healthy addition of new users.

This payment bank now has 54.7 million users transacting per month and a gross merchandise value (GMV) of INR 2.02 crore.

Excellent year

“Our strong performance is an affirmation of the Payments Bank’s model and role in serving the country’s digital and financial inclusion needs,” said Anubrata Biswas, Managing Director and CEO, Airtel Payments Bank.

The year 2022-23 has been an excellent year in our growth journey. Our trusted brand and innovative products, backed by unparalleled distribution reach and technology, positions us well to accelerate our growth further.”

Airtel Payments Bank now processes more than 7 billion annual transactions across its platform, making it the fastest growing digital bank.

It reaches out to the deep rural pockets of the country with the largest retail banking network of 500,000 nearby banking points. Today, APB is also the largest player in the micro-checkout business in the country, with more than 3,000 partner companies.

APB recorded growth across all three core business segments: urban digital consumer, underbanked rural, and industrial and corporate.

It has recorded strong appetite for its diverse product offerings such as digital payments, money transfers, insurance, referral credit, collection management services and more.