Airtel Payments Bank’s FY24 Profit Grows 60% YoY To INR 35 Cr

SUMMARY

Firing on all cylinders, Airtel Payments Bank’s MTUs stood at 8.04 Cr while customer deposits surpassed the INR 2,801 Cr mark

The payments bank saw its net profit jump more than 60% YoY to INR 34.5 Cr while revenue from operations surged 42% YoY to INR 1,836 Cr

Airtel Payments Bank also clocked a gross merchandise value (GMV) of INR 2.55 Lakh Cr during the fiscal year under review

On the back of strong growth in transacting users and payments volume, Airtel Payments Bank saw its net profit jump more than 60% to INR 34.5 Cr in the financial year 2023-24 (FY24) from INR 21.1 Cr in FY23.

Revenue also soared more than 42% year-on-year (YoY) to INR 1,836 Cr in the fiscal year ended March 2024. Q4 FY24 emerged as the strongest quarter for the payments bank, with revenues to the tune of INR 539 Cr, up 15% sequentially.

Firing on all cylinders, Airtel Payments Bank also claimed that its monthly transacting users (MTUs) stood at 8.04 Cr while customer deposits surpassed the INR 2,801 Cr mark.

It also clocked a gross merchandise value (GMV) of INR 2.55 Lakh Cr during the fiscal year under review.

“… Our strong financial performance underscores the trust and confidence placed in us by our customers and partners. As we witness sustained demand for our digital offerings and accelerate customer acquisitions, we remain steadfast in our mission to empower every Indian with safe, simple and rewarding digital banking services,” Airtel Payments Bank’s CEO and managing director Anubrata Biswas said.

The company’s financial results come two months after the appointment of ex-MasterCard India executive Anuj Bansal as its chief financial officer (CFO).

Not just this, the fintech arm of the Bharti Group also announced a partnership with French biometric solutions provider IDEMIA and Nokia parent HMD Global to launch an offline system for facilitating digital rupee payments on feature phones.

Last month, fintech unicorn Razorpay also announced the launch of its own unified payment interface (UPI) in collaboration with Airtel Payments Bank.

Airtel Payments Bank commenced operations in early 2017 with a seed investment of $440 Mn. It is one of the only two profitable payments banks in the country, the other one being Fino Payments Bank.