Revenue grew to Rs 610 crore in Q1 FY25, up by 52 per cent year-on-year (YoY) while net profits stood at Rs 7.2 crore, up by 41 per cent YoY
Airtel Payments Bank today unveiled its consolidated results for the first quarter ended on 30 June 2024. For the first time, the bank’s quarterly revenue grew to Rs 610 crore, up by 52 per cent YoY. The bank’s net profits stood at Rs 7.2 crore, up by 41 per cent YoY.
During the quarter, the Bank’s Monthly Transacting Users (MTU) exceeded 88 million giving a boost to customer deposits, which grew by 53 per cent YoY to Rs 2,943 crore. The bank’s annualised gross merchandise value (GMV) stands at over Rs 3,400 bn.
The growth in revenue and MTUs has been driven primarily by an uptake in the bank’s digital savings bank account along with other digital offerings. 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 Rs 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 bank addresses the challenge of accessibility by extending banking services to the deepest rural pockets with its banking network comprising over 5,00,000 neighbourhood-banking points. Airtel Payments Bank is the largest micro-cash player in India, currently digitising around Rs 8,000 crore of cash monthly with over 4,000 corporate partners.
