Bharti Airtel-owned Airtel Payments Bank is growing its business rapidly in India. Taking the digital-first approach to reach the under-banked population in the country, Airtel Payments Bank has achieved a milestone of crossing Rs 600 crore revenue for the first time in a single quarter. In FY20, the company had first time achieved the annual revenue run rate of Rs 1,000 crore. Now, it has more than doubled with this. During Q1 FY25, Airtel Payments Bank reported its quarterly revenues at Rs 610 crore, up 52% YoY. The telco's net profit jumped 41% YoY to Rs 7.2 crore.
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Airtel Payments Bank said that its monthly transacting users rose to 88 million during the quarter. This gave a boost to the customer deposits which grew by 53% YoY to Rs 2943 crore. The GMV (Gross Merchandise Value) stands at Rs 3,400 billion. The company also said that its eco-friendly NCMC-enabled cards are witnessing a strong demand and usage.
"We are pleased to report a significant milestone this quarter, with our revenues surpassing ?600 crore 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 Bank, today, is well-positioned as first-in-class to take margin-enhancing advantage of India’s large unfolding digital opportunities," said Anubrata Biswas, MD and CEO of Airtel Payments Bank.
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Airtel Payments Bank offers a variety of services to customers including insurance, lending, and investment solutions. The company said that it is processing over 8 billion transactions on its platform annually. In the mobile banking space, Airtel Payments Bank stands as the sixth largest player in the country. Airtel Payments Bank is the largest micro-cash player in India, currently digitizing around Rs 8,000 crore of cash monthly with over 4,000 corporate partners.
