By Our Correspondent
BHUBANESWAR: Airtel Payments Bank, India’s only profitable multi-segment fintech operating at scale with a banking license, delivers another quarter of strong performance. In a significant milestone, for the first time, the Bank’s quarterly revenue grew to INR 400 Cr for Q1’FY24, an increase of 41% YoY. For the Q1’FY24, the Bank’s profits grew by 143% on YoY.
The customer deposits grew to INR 1,922 Cr, fueled by a healthy addition of new users. The Bank now has 55.4 Mn monthly transacting users, an annualised gross merchandise value (GMV) of INR 2,381 Bn and revenue of over INR 1,600 Cr on an annual basis.
For the Bank, this growth in revenues is driven by strong uptake for its digital offerings comprising digital banking solutions and financial services. The Bank registered a strong demand for its customized plans, which allow the savings bank account customers of the Bank to get additional benefits like insurance on an annual basis by making an additional payment.
Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “We have achieved a remarkable milestone in our growth journey this quarter. For the first time, our revenues have surged to INR 400 cr. Our brand’s reliability and cutting-edge product offerings, combined with an unparalleled distribution network and advanced technology, have positioned us favourably to continue accelerating our expansion. The remarkable success we’ve achieved serves as a validation of the payments bank model and its crucial role in meeting the digital and financial inclusion requirements of the country.”
Airtel Payments Bank has pronged its business into three segments to serve the customers and businesses across the geography – the Urban Digital Consumer, the Rural Underbanked, and Industries & Businesses. The Bank offers a complete end-to-end digital banking solution along with a bouquet of digital financial services – Insurance, lending, and investment solutions.
Airtel Payments Bank now processes over 7 billion annualised transactions across its platforms, making it the fastest-growing digital bank. The Bank is solving the problem of access by taking banking to the deep rural pockets of the country with the largest retail-banking network of 500,000 neighbourhood-banking points. Today, Airtel Payments Bank is also the largest micro cash player in the country, with more than 3,000 corporate partners. Here the Bank is in a rare space of solving for last-mile cash digitization, utilizing its distribution and technology.
