SUMMARY
- Airtel Payments Bank posted a net consolidated profit of Rs 7.2 crore with a 41% YoY growth in Q1 FY25 up against Rs 400 crore.
- The company reported a 52% YoY rise to Rs 610 crore in revenue in the quarter under review.
- The annualized Gross Merchandise Value (GMV) was Rs 3.4 lakh crore while the Monthly Transacting Users (MTUs) crossed the 8.8 crore mark in Q1 FY25.
Airtel Payments Bank posted a net consolidated profit of Rs 7.2 crore with a 41% YoY growth in the quarter ended June 2024 on the back of a boost in its digital payments. There was also an increase in its revenues where the company reported a 52% YoY rise to Rs 610 crore for Q1 FY25 up against Rs 400 crore in Q1 FY24.
Airtel Payments Bank’s managing director and CEO Anubrata Biswas said, “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….”
The company linked the increase in revenues to the high subscription to its digital savings bank and other digital products. It said there was high demand and utilization of the National Common Mobility Card (NCMC) products in the quarter.
The annualized Gross Merchandise Value (GMV) was Rs 3.4 lakh crore while the Monthly Transacting Users (MTUs) crossed the 8.8 crore mark in Q1 FY25. According to the company, the MTU growth benefited the payments bank in customer deposits, which stood at Rs 2,943 crore in the quarter under review, with a YoY rise of 53%.
Airtel Payments Bank began its operations in October 2017, being launched with an initial investment of $440 million. They operate within three primary markets – Urban Digital, Underbanked, and Industries & Institutions where the company provides full-service end-to-end digital banking as well as a package of other digital financial products such as insurance, credit, and investment.
It is the only payments bank which has been in profit along with Fino Payments Bank. It ranks as the sixth-largest mobile banking service provider in the country in the capacity of the user.
The corporation is the biggest micro-cash player in India presently and is digitizing close to ₹8,000 crore of cash every month with over 4,000 corporate partners. Also, it has over 5 Lakh neighbourhood-banking points in its network.
