Airtel Payments Bank Q1 Results: Delivering strong financial performance, Airtel Payments Bank on Thursday reported a jump of 41 per cent in its revenue to Rs 400 crore for the June 2023 quarter. Its profit also surged 143 per cent
The customer deposits grew to Rs 1,922 crore, fuelled by a healthy addition of new users. The bank now has 55.4 million monthly transacting users, an annualised gross merchandise value (GMV) of Rs 2,381 billion and revenue of over Rs 1,600 crore on an annual basis, Airtel Payments Bank said in a statement.
“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 customised 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,” Airtel Payments Bank said in the statement.
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 Rs 400 crore. 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.”
He added that the remarkable success the company has 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.
According to the statement, 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.
It added that 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,” Airtel Payments Bank said.
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