Airtel Payments Bank Achieves 60% Increase in FY24 Profit, Deposits Exceed INR 2,801 Crore

By Ritwik Ghosh,Kolkata India

Airtel Payments Bank Achieves 60% Increase in FY24 Profit, Deposits Exceed INR 2,801 Crore

Airtel Payments Bank has reported an impressive growth in net profit, which surged by over 60% to INR 34.5 crore for the financial year 2023-24 (FY24), up from INR 21.1 crore in FY23. This substantial increase can be attributed to the robust expansion in both transacting user numbers and payment volumes.

The bank’s revenue also experienced significant growth, soaring by more than 42% year-on-year (YoY) to reach INR 1,836 crore for the fiscal year ending March 2024. Notably, Q4 FY24 emerged as the strongest quarter, with revenue amounting to INR 539 crore, marking a 15% sequential increase.

Operating at full capacity, Airtel Payments Bank announced that its monthly transacting users (MTUs) reached 8.04 crore, while customer deposits surpassed INR 2,801 crore. Additionally, the bank recorded a gross merchandise value (GMV) of INR 2.55 lakh crore during the reviewed fiscal year.

Commenting on the performance, Airtel Payments Bank’s CEO and managing director Anubrata Biswas said, “Our robust financial performance highlights the trust and confidence our customers and partners place in us. As we continue to see sustained demand for our digital services and ramp up customer acquisitions, we are committed to our mission of providing every Indian with safe, simple, and rewarding digital banking solutions.”

The financial results were released two months after the appointment of ex-MasterCard India executive Anuj Bansal as the new chief financial officer (CFO) of Airtel Payments Bank.

Moreover, the fintech division of the Bharti Group announced a partnership with French biometric solutions provider IDEMIA and Nokia’s parent company HMD Global to introduce an offline system enabling digital rupee transactions on feature phones. Last month, fintech unicorn Razorpay also launched its unified payment interface (UPI) in collaboration with Airtel Payments Bank.

Airtel Payments Bank began its operations in early 2017 with a seed investment of $440 million. It stands as one of the only two profitable payments banks in India, alongside Fino Payments Bank.

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