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For the first time since its operation, Airtel Payments Bank has crossed the Rs 600 crore mark in terms of quarterly revenue. Notifying about the consolidated results for the first quarter of the current financial year, the company stated that it has reported a quarterly revenue of Rs 610 crore, marking a 52 per cent year-on-year (YoY) jump. The net profit of the bank stood at Rs 7.2 crore, up by 41 per cent YoY.
Providing a major boost to consumer deposits, the bank’s monthly transacting users (MTU) exceeded 88 million during the first quarter. The consumer deposits also grew to Rs 2,943 crore, registering a 53 per cent YoY growth. The annualised gross merchandise value (GMV) of the bank stands at over Rs 3,400 billion.
The uptake in the bank’s digital savings bank account along with other digital offerings has led to the growth in revenue and MTUs, the bank stated in a press release. The national common mobility cards (NCMC) have also registered an increase in 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.”
Airtel Payments Bank is the sixth-largest player amongst mobile banking users by processing over eight billion transactions annually across platforms. The bank is currently digitising around Rs 8,000 crore of cash monthly with more than 4,000 corporate partners, placing it amongst the leading micro-cash players in the country.
