Airtel Payments Bank, India’s leading digital bank, today announced its consolidated results for the first quarter ended on 30 June 2024. In a significant milestone, for the first time, the Bank’s quarterly revenue grew to ₹610 crore, up by 52% YoY. The Bank’s net profits stood at ₹7.2 crore, up by 41% YoY.
During the quarter, the Bank’s Monthly Transacting Users (MTU) exceeded 88 million giving a boost to customer deposits, which grew by 53% YoY to ₹2,943 crore. The Bank’s annualised gross merchandise value (GMV) stands at over ₹3,400 bn.
The growth in revenue and MTUs has been driven primarily by an uptake in the Bank’s digital savings bank account along with other digital offerings. The Bank’s eco-friendly NCMC enabled cards are witnessing a strong demand and usage.
Anubrata Biswas, MD and CEO of Airtel Payments Bank, said, “We are pleased to report a significant milestone this quarter, with our revenues surpassing ₹600 crore for the first time. This industry-leading growth has been driven by strong uptake of our flagship safe daily transaction account for India, and a surge in digital payments across all our businesses. The Bank, today, is well-positioned as first-in-class to take margin-enhancing advantage of India’s large unfolding digital opportunities.”
