Airtel Payments Bank achieves record quarterly revenue of ₹600 crore, driven by digital adoption and expanding user base. The bank is well-positioned to capitalize on India's growing digital opportunities.

Airtel Payments Bank has reported impressive financial results for the first quarter of FY25, ending on June 30, 2024. The company achieved a significant milestone by exceeding ₹600 crore in quarterly revenue for the first time, marking a 52% year-on-year growth. Net profits also saw a substantial increase of 41% YoY, reaching ₹7.2 crore.

Growth Driven by Digital Adoption and Expanding User Base

The bank’s success is attributed to a surge in digital adoption, particularly in its digital savings bank accounts and other digital offerings. The number of Monthly Transacting Users (MTUs) surpassed 88 million, leading to a 53% YoY increase in customer deposits, which now stand at ₹2,943 crore. The bank’s eco-friendly NCMC-enabled cards are also experiencing high demand and usage. The annualized gross merchandise value (GMV) has reached an impressive ₹3,400 billion.

Leadership Perspective

Anubrata Biswas, MD and CEO of Airtel Payments Bank, expressed satisfaction with the company’s performance. He highlighted the strong uptake of their flagship safe daily transaction account and the surge in digital payments across various business segments as key drivers of growth. Biswas emphasized the bank’s readiness to capitalize on India’s expanding digital opportunities and enhance its margins.

Serving Diverse Segments and Addressing Accessibility

Airtel Payments Bank caters to three distinct segments: Urban Digital, Underbanked, and Industries & Institutions. It provides a comprehensive suite of end-to-end digital banking solutions and digital financial services, including insurance, lending, and investment options. The bank processes over 8 billion transactions annually, ranking it as the sixth largest player among mobile banking users.

With the largest banking network in India, comprising over 500,000 neighborhood banking points, Airtel Payments Bank is committed to addressing the challenge of accessibility by extending banking services to even the most remote rural areas. It also holds the position of the largest micro-cash player in India, currently digitizing approximately ₹8,000 crore of cash monthly through partnerships with over 4,000 corporations.

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Shweta Bansal

An MA in Mass Communication from Delhi University and 7 years in tech journalism, Shweta focuses on AI and IoT. Her work, particularly on women's roles in tech, has garnered attention in both national and international tech forums. Her insightful articles, featured in leading tech publications, blend complex tech trends with engaging narratives.