Airtel Payments Bank Revenue Surges by 37 Percent to Rs 1,291 Crores in FY23

Airtel Payments Bank, India’s leading fintech with a banking license, has delivered a strong performance for the fiscal year 2022-2023, showcasing the success of its diverse business model. Airtel Payments Bank reported impressive growth across various metrics, including revenue, profits, and customer deposits, highlighting its position as the country’s only profitable multi-segment fintech operating at scale.

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Revenue and Profit

According to the statement, In the financial year that ended in March 2023, Airtel Payments Bank experienced a remarkable 37 percent increase in revenue, amounting to Rs 1,291 crore. Profits surged by an impressive 141 percent to reach Rs 21.7 crores.

Boost in Customer Deposits

The bank also witnessed a significant boost in customer deposits, with a notable 59 percent year-on-year growth, reaching Rs 1,865 crore. This growth was primarily driven by the addition of new users to the platform. Airtel Payments Bank now boasts 54.7 million monthly transacting users and a gross merchandise value (GMV) of Rs 2,015 billion.

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Quarterly Growth

During the fiscal year, Airtel Payments Bank achieved substantial quarterly revenue growth. The fourth quarter (January to March 2023) emerged as the strongest period, with revenues totalling Rs 379 crore, representing a 19 percent sequential increase compared to the previous quarter.

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Growth Across Three Core Business Segments

The official statement said, “The bank’s success can be attributed to its strong performance across all three core business segments: Urban Digital Consumer, Rural Underbanked, and Industries and Businesses.”

Airtel Payments Bank witnessed significant uptake for its diverse product offerings, including digital payments, money transfers, insurance, referral credits, collection management services, and more.