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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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.
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Transactions and Banking Network
With over 7 billion annualized transactions processed across its platforms, Airtel Payments Bank has positioned itself as the fastest-growing digital bank in India. Furthermore, its expansive retail banking network, consisting of 500,000 neighbourhood banking points, enables it to serve even the most remote rural areas.
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Largest Micro Cash Player
Airtel Payments Bank has also solidified its position as the largest micro cash player in the country, boasting partnerships with more than 3,000 corporate entities.
Airtel Payments Bank New Features
Airtel Payments Bank remains committed to expanding its suite of safe, simple, and rewarding digital banking solutions. The bank recently introduced features such as Face Authentication for account opening and AePS, Debit Cards, and Micro ATMs to enhance customer experience.
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Expanding Suite of New Offerings
Additionally, innovative solutions like Airtel Safe Pay, the Rewards123 plan, and current account offerings have gained significant traction, contributing to the bank's ongoing growth and success.
With its strong performance in FY23 and continuous expansion efforts, Airtel Payments Bank is well-positioned to further establish itself as a leader in the Indian fintech landscape, serving the digital and financial needs of customers across the country.