Airtel Payments Bank net profit up 60% yoy

23 May 2024

Airtel Payments Bank’s revenue for FY24 stood at Rs 1,836 crore, marking a 42% increase year-over-year (YoY), while net profit rose by 60% YoY to Rs 34.5 crore.

Bharti Airtel's Payments Bank arm announced its results for the financial year ended on March 31, 2024, registering a surge in performance. Key performance metrics showcased significant growth, with Monthly Transacting Users (MTU) reaching 80.4 million and customer deposits exceeding Rs 2,801 crore, a 50% YoY increase. The Bank's gross merchandise value (GMV) reached Rs 2,550 billion.

The fourth quarter (January-March 2024) emerged as the strongest, with revenues of Rs 539 crore, a 15% sequential increase from the previous quarter. Over the past four years, Airtel Payments Bank has maintained a 40% compound annual growth rate (CAGR) in revenues. On an annualised basis, revenue for March 2024 reached Rs 2,400 crore.

"We are delighted to announce yet another year of robust growth for Airtel Payments Bank. 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,” said Anubrata Biswas, MD and CEO of Airtel Payments Bank.

In line with its commitment to innovation, the bank has introduced new products, including eco-friendly debit cards and smartwatches for payments. Significant momentum in savings account acquisitions was noted, with over a million new customers onboarded monthly in Q4 FY24. Airtel Payments Bank also strengthened its position in transit solutions, serving as the exclusive partner for five metros and leading in FASTag-based parking fee collection at over 100 sites.