Airtel Payments Bank on Thursday disclosed that it achieved a new milestone in its revenue growth. The bank said it witnessed a year-on-year (YoY) growth of 41 percent in its revenue to Rs 400 crore in the first quarter that ended on June 30, 2023. Furthermore, the unlisted entity of Bharti Group also noticed a 143 percent year-on-year growth in its profit, but the actual numbers were not revealed.
“For the first time, the bank’s quarterly revenue grew to Rs 400 crore for the first quarter (Q1) of the financial year (FY) 2024, an increase of 41 percent YoY. For the Q1’FY24, the bank’s profits grew by 143 percent on YoY,” Airtel said in a statement.
Additionally, Airtel Payments Bank saw significant growth in its customer deposits, which reached Rs. 1,922 crore, and now has 5.54 crore monthly transacting users. Moreover, the bank achieved annualized gross merchandise value (GMV) of Rs 2,381,00 crore and annual revenue of over Rs 1,600 crore. The company also said it processes over 7 billion annualized transactions across its platforms.
Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “For the first time, our revenues have surged to Rs. 400 crore. Our brand’s reliability and cutting-edge product offerings, combined with an unparalleled distribution network and advanced technology, have positioned us favorably to continue accelerating our expansion.”
Airtel Payments Bank was launched in January 2017 by Bharti Airtel, India’s one of the leading telecom service providers. The bank offers a range of financial services, including a Savings Bank accounts facility, insurance, online debit card, transferring money to other banks using IMPS or UPI, recharges and bill payments, and more. As per Airtel, Payments Bank has over 3,000 corporate partners and a network of 500,000 banking points across India.