Airtel Payments Bank Records Remarkable 41% YoY Revenue Growth in Q1 FY2024

17 Aug 2023 , 03:15 PM

Airtel Payments Bank announces impressive financial results for the first quarter ending on June 30, 2023. The revenue of the unlisted entity of Bharti Group surges by 41% year-on-year, reaching Rs 400 crore.

The bank’s profit records substantial growth, marking a remarkable 143% increase on a year-on-year basis, though the exact figures are not disclosed. Customer deposits at Airtel Payments Bank rise to Rs 1,922 crore.

The bank boasts a substantial user base, with 5.54 crore monthly transacting users. The annualized gross merchandise value (GMV) stands at Rs 2,381,00 crore, while revenue exceeds Rs 1,600 crore on an annual basis.

The bank proudly reports processing over 7 billion annualized transactions across its various platforms. Airtel Payments Bank attributes its success to a combination of brand reliability, advanced product offerings, a widespread distribution network, and advanced technology.

The bank is equipped with more than 3,000 corporate partners and a network of 500,000 banking points spread across the country. Airtel Payments Bank’s Managing Director and CEO, Anubrata Biswas, expresses confidence in the bank’s growth trajectory and expansion plans, emphasizing the role of the brand’s strengths in these achievements.

For feedback and suggestions, write to us at [e-mail]