Airtel Payments Bank's FY24 profit surges 60% to Rs 34.5 crore

New Delhi: Airtel Payments Bank on Wednesday reported a 60 per cent year-on-year surge in its profit at Rs 34.5 crore in FY24.

Revenue for the fiscal saw a 42 per cent increase to Rs 1,836 crore, according to a company statement.

"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," Anubrata Biswas, MD and CEO of Airtel Payments Bank, said.

Calling it the strongest quarter, the payments bank said it posted a 15 per cent sequential growth at Rs 539 crore in the March quarter.

The bank, a subsidiary of telecom major Bharti Airtel, said it witnessed significant momentum in savings account acquisitions in Q4FY24 and now onboards over a million new customers monthly.

Its monthly transacting users (MTU) grew to 80.4 million, and its gross merchandise value (GMV) reached Rs 2,550 billion.

"Over the past four years, the bank has experienced rapid growth, achieving a remarkable 40 per cent compound annual growth rate (CAGR) in revenues. Today, the bank's annualized revenue for March 2024 has surged to Rs 2,400 crores, marking an inflexion point," the statement said.

The payments bank's workforce headcount stood at around 1,400.