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

Airtel Payments Bank has delivered a strong performance in FY23, showcasing its success and growth. The bank reported significant revenue and profit growth, a boost in customer deposits, and expansion across its core business segments. Airtel Safe Pay, Rewards123 plan, and current account solutions gaining significant traction.

Highlights

  • Revenue grows by 37 percent to Rs 1,291 crore in FY23.
  • Customer deposits witness a notable 59 percent YoY growth, reaching Rs 1,865 crore.
  • Quarterly revenues of Rs 379 crore in Q4 FY23, a 19 percent sequential increase.

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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.




Also Read: Airtel Payments Bank With 56 Million Customers Will Shine a Lot, Says Sunil Mittal: Report

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.

Also Read: Airtel Payments Bank: Here’s What You Can Seamlessly Do With Your Account

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.

Also Read: Airtel Payments Bank launches BizKhata for Small Businesses and Merchants

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.

Also Read: Airtel Payments Bank and Paycraft Solutions to Set Up AFC System for Surat Metro

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.

Also Read: Airtel Payments Bank Users Can Now Top-up Delhi Metro Smart Cards

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.

Also Read: Airtel RewardsMini Subscription Benefits From Airtel Payments Bank Explained

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.

Reported By

Telecom Analyst

Passionately following the Indian #Telecom Industry for over a decade from Business, Consumer and a Technical perspective. My primary focus area is Consumer & Digital Experience.

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