Revenue jumped 52% to a record INR 610 Cr in the first quarter Q1 FY25 compared to INR 400 Cr in the year-ago period
The company attributed the growth in revenues to the strong uptake of the bank’s digital savings bank account, along with other digital offerings
MTUs surpassed the 8.8 Cr mark in Q1 FY25 while the annualised GMV stood at INR 3.4 Lakh Cr
On the back of a surge in digital payments, Airtel Payments Bank saw its net consolidated profit jump 41% year-on-year (YoY) to INR 7.2 Cr in the quarter ended June 2024 (Q1).
Revenue, too, jumped 52% YoY to a record INR 610 Cr in the first quarter (Q1) of the financial year 2024-25 (FY25).
The company attributed the growth in revenues to the strong uptake of the bank’s digital savings bank account, along with other digital offerings. The payments bank added that the quarter saw a strong demand and usage of its national common mobility card (NCMC) offerings.
“We are pleased to report a significant milestone this quarter, with our revenues surpassing INR 600 Cr 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…,” Airtel Payments Bank’s managing director and CEO Anubrata Biswas said.
Airtel Payments Bank also claimed that its monthly transacting users (MTUs) surpassed the 8.8 Cr mark in Q1 FY25 while the annualised gross merchandise value (GMV) stood at INR 3.4 Lakh Cr.
As per the company, the jump in MTUs gave a boost to the payments bank’s customer deposits, which grew 53% YoY to INR 2,943 Cr at the end of the quarter.
Commencing operations in 2017, Airtel Payments Bank started off with a seed investment of $440 Mn. It offers end-to-end digital banking solutions and other digital financial services such as insurance, lending, and investment solutions.
It is one of the only two profitable payments banks in the country, after Fino Payments Bank. It claims to be the sixth-largest player in the country in terms of mobile banking users and boasts a network of more than 5 Lakh neighbourhood-banking points.
It also claims to be India’s largest micro-cash player in India and has over 4,000 corporate partners.
