Airtel Payments Bank Reports 60 Percent Profit Growth in FY24

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.

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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.”

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