Airtel Payments Bank revenue grows 41% to Rs 400 crore

New Delhi: Airtel Payments Bank on Thursday said its revenue witnessed a year-on-year growth of 41 per cent to Rs 400 crore in the first quarter ended June 30, 2023.

The unlisted entity of Bharti Group said that its profit grew by 143 per cent on a year-on-year basis without disclosing the actual number.

"For the first time, the Bank's quarterly revenue grew to Rs 400 crore for the first quarter (Q1) of financial year (FY) 2024, an increase of 41 per cent YoY. For the Q1'FY24, the Bank's profits grew by 143 per cent on YoY," the company said in a statement.

The customer deposits at Airtel Payments grew to Rs 1,922 crore and it now has 5.54 crore monthly transacting users, an annualised gross merchandise value (GMV) of Rs 2,381,00 crore and revenue of over Rs 1,600 crore on an annual basis, the statement said.

"For the first time, our revenues have surged to INR 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," Airtel Payments Bank MD and CEO Anubrata Biswas said.

The company said it processes over 7 billion annualised transactions across its platforms.

According to the statement, the payments bank has more than 3,000 corporate partners and a network of 500,000 banking points spread across the country.