Revenue jumped 58% to INR 674 Cr in Q2 FY25 from INR 427 Cr in Q2 FY24, driven by strong uptake of digital offerings
The quarter also saw Airtel Payments Bank cross the 100 Mn MTU mark, while the annualised GMV stood at $40 Bn in Q2 FY25
Airtel Payments Bank offers digital banking solutions as well as insurance, lending, and investment services to customers across urban and rural India
Airtel Payments Bank reported a net profit of INR 11.2 Cr in the second quarter (Q2) of the fiscal year 2024-25 (FY25), up 45% from INR 7.7 Cr in the year-ago period.
Revenue jumped 58% to INR 674 Cr during the quarter under review from INR 427 Cr in Q2 FY24. In a statement, the company said that the growth was driven by the strong uptake of its digital offerings across urban and rural markets.
The payments bank also saw its earnings before interest, taxes, depreciation, and amortisation (EBITDA) rise 87% year-on-year (YoY) to INR 76.1 Cr in Q2 FY25.
“These results underscore our position as a key player in the digital banking sector, where we have been the fifth largest mobile bank in India. The rising adoption of our digital solutions and security features has made us India’s first choice for a safe second account…,” said Airtel Payments Bank’s MD and CEO Anubrata Biswas.
The quarter also saw Airtel Payments Bank cross the 100 Mn monthly transacting user (MTU) mark as the metric grew to 10.2 Cr, up 76% YoY. Meanwhile, the company also clocked an annualised gross merchandise value (GMV) of $40 Bn during the quarter under review.
Buoyed by digital savings accounts and other products, Airtel Payments Bank’s customer balance stood at INR 2,950 Cr in Q2 FY25, up 43% YoY. “The bank emerged as the leading player in urban transit and maintained its leadership position in rural India,” the company said.
One of the only two profitable payments banks in the country, besides Fino Payments Bank, Airtel Payments Bank commenced operations in early 2017 with a seed investment of $440 Mn. It offers digital banking solutions as well as insurance, lending, and investment services to customers across both urban and rural India.
Since then, it has scaled its operations aggressively and currently boasts 5 Lakh “banking points”,
It claims to be the largest micro-cash player in the country and claims to be “digitising” INR 8,000 Cr in cash transactions every month in partnership with over 4,000 corporate clients. The bank also processes over 800 Cr transactions annually.
