Airtel Payments Bank Reports 60% YoY Profit Growth in FY24

Airtel Payments Bank witnessed robust growth in its financial performance for the fiscal year 2023-24 (FY24), with its net profit surging over 60% to INR 34.5 crore compared to INR 21.1 crore in the previous fiscal year. Revenue also saw a substantial increase of more than 42% year-on-year (YoY) to INR 1,836 crore for the fiscal year ended March 2024.

The fourth quarter of FY24 marked the strongest period for the payments bank, recording revenues of INR 539 crore, a significant 15% sequential growth.

Airtel Payments Bank reported impressive metrics, with monthly transacting users (MTUs) reaching 8.04 crore and customer deposits surpassing the INR 2,801 crore mark. Additionally, the bank achieved a gross merchandise value (GMV) of INR 2.55 lakh crore during the fiscal year.

Anubrata Biswas, CEO and Managing Director of Airtel Payments Bank, expressed confidence in the bank’s performance, attributing it to the trust and confidence of customers and partners. He emphasized the bank’s commitment to empowering every Indian with safe, simple, and rewarding digital banking services.

The announcement of the financial results follows the recent appointment of Anuj Bansal, former MasterCard India executive, as the Chief Financial Officer (CFO) of Airtel Payments Bank.

Moreover, Airtel Payments Bank unveiled a strategic partnership with French biometric solutions provider IDEMIA and Nokia parent HMD Global to introduce an offline system facilitating digital rupee payments on feature phones.

In collaboration with fintech unicorn Razorpay, Airtel Payments Bank launched its unified payment interface (UPI), expanding its digital payment offerings.

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

Disclaimer: This information is covered based on the latest research and development available. However, it may not fully reflect all current aspects of the subject matter.

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