Airtel Payments Bank said its revenue for FY24 stood at Rs 1,836 crore, marking a 42 percent increase year-over-year (YoY), while net profit rose by 60 percent YoY to Rs 34.5 crore. Bharti Airtel's Payments Bank arm announced its results for the financial year ended on March 31, 2024, registering a surge in performance.
Also Read: Airtel Payments Bank Launches Smart Watch for Contactless Payments
Key Performance Metrics
Airtel Payments Bank said key performance metrics showcased significant growth, with Monthly Transacting Users (MTU) reaching 80.4 million and customer deposits exceeding Rs 2,801 crore, a 50 percent YoY increase. The Bank's gross merchandise value (GMV) reached Rs 2,550 billion.
The fourth quarter (January-March 2024) emerged as the strongest, with revenues of Rs 539 crore, a 15 percent sequential increase from the previous quarter. Over the past four years, Airtel Payments Bank has maintained a 40 percent compound annual growth rate (CAGR) in revenues. On an annualised basis, revenue for March 2024 reached Rs 2,400 crore, the Bank said.
Anubrata Biswas, MD and CEO of Airtel Payments Bank said, "We are delighted to announce yet another year of robust growth for Airtel Payments Bank. Our strong financial performance underscores the trust and confidence placed in us by our customers and partners. As we witness sustained demand for our digital offerings and accelerate customer acquisitions, we remain steadfast in our mission to empower every Indian with safe, simple and rewarding digital banking services."
Also Read: Airtel Payments Bank: Here’s What You Can Seamlessly Do With Your Account
Focuses on Innovation
The Bank said in line with its commitment to innovation, it has introduced new products, including eco-friendly debit cards and smartwatches for payments. Significant momentum in savings account acquisitions was noted, with over a million new customers onboarded monthly in Q4 FY24.
Airtel Payments Bank also strengthened its position in transit solutions, serving as the exclusive partner for five metros and leading in FASTag-based parking fee collection at over 100 sites, the official release said.
