Airtel Payments Bank Q3 Net Profit Soars 68% YoY To INR 18.5 Cr

Airtel Payments Bank’s consolidated net profit zoomed 68% year-on-year (YoY) to INR 18.5 Cr for the third quarter of the financial year 2024-25 (Q3 FY25) from INR 11 Cr in the year-ago quarter, driven by strong adoption of its digital banking solutions. 

On a quarterly basis it grew 65% from INR 11.2 Cr in Q2 FY25. 

For the quarter under review, revenue crossed INR 700 Cr, up by 49% YoY from INR 469 Cr in Q3 FY24. Sequentially, it grew 3.8% from INR 674 Cr in Q2 FY25.

Meanwhile, EBITDA jumped 66% YoY in Q3 to INR INR 87 Cr.

The Sunil Bharti Mittal-led entity claimed that its monthly transacting users (MTU) grew 62% YoY to cross the 100 Mn mark, reflecting increasing preference for its digital accounts and merchant solutions. 

The Bank’s annualised gross merchandise value (GMV) was also close to INR 4,000 Bn, while customer balances surged 42% YoY to cross INR 3,332 Cr.

The company continues to lead in the B2B urban transit space, having issued over 1.7 Mn RuPay NCMC-enabled cards. 

“The adoption of its merchant offerings, including its innovative Soundbox, continues to rise among businesses. The Bank continues to register solid uptake for its solutions in the deep rural pockets of the country,” the company said in a statement.

Airtel Payments Bank’s MD and CEO Anubrata Biswas said, “We are delighted to announce another quarter of impressive growth, reaffirming the strength of our banking model. As a fully integrated, technology-driven banking platform, we continue to meet the diverse financial needs of both urban and rural customers. Notably, we are now India’s third-largest mobile bank and the preferred choice for a secure second account.”

New Delhi-based Airtel Payments Bank provides basic banking services through a network of over 5 Lakh banking points spread across the country and its digital platforms. It serves three key customer segments including urban digital, underbanked and Industries and Institutions. 

It claims to process over 8 Bn transactions annually and operate more than 5 Lakh banking points, including 97,000 managed by women business correspondents. Besides, it also claims to have over 4,000 corporate clients with whom it partners to facilitate INR 8,000 Cr in cash transactions each month.

It was the first company to receive a Payments Bank license from the Reserve Bank of India in April 2016 and began operations in January 2017. In January 2022, it was granted scheduled bank status by the Reserve Bank of India (RBI).

It has even partnered with financial institutions like Mastercard and Bharti AXA Life Insurance, to develop tailored financial products aimed at underbanked populations and to promote digital payment solutions.