In Short:
Airtel Payments Bank announced a strong financial year with revenue of Rs 1,836 crore, a 42% increase YoY, and net profit of Rs 34.5 crore, a 60% rise. Key metrics included 80.4 million Monthly Transacting Users, Rs 2,801 crore in customer deposits, and a GMV of Rs 2,550 billion. The Bank focused on innovation, introducing eco-friendly debit cards and smartwatches for payments, and onboarded over a million new savings account customers monthly in Q4 FY24.
Airtel Payments Bank announced a significant increase in its financial performance for the fiscal year 2024. The revenue stood at Rs 1,836 crore, showing a 42 percent year-over-year growth, while the net profit rose by 60 percent YoY to Rs 34. 5 crore. This surge in performance was reported by Bharti Airtel’s Payments Bank arm for the year ending March 31, 2024. Furthermore, Airtel Payments Bank also reported a substantial increase in customer base, with over 20 million customers conducting transactions through its platform. The bank’s success in India is also mirrored in its operations in Airtel Africa, where it has continued to see growth and expansion in the mobile money and digital financial services sector. With its strong financial performance and growing customer base, Airtel Payments Bank is poised to continue its upward trajectory in the coming years.
Key Performance Metrics
Airtel Payments Bank highlighted key performance metrics with Monthly Transacting Users (MTU) reaching 80.4 million and customer deposits exceeding Rs 2,801 crore, marking a 50 percent YoY increase. The Bank also reported a gross merchandise value (GMV) of Rs 2,550 billion.
The fourth quarter (January-March 2024) showed strong results, with revenues of Rs 539 crore, a 15 percent sequential increase from the previous quarter. The Bank has maintained a 40 percent compound annual growth rate (CAGR) in revenues over the past four years, reaching an annualised revenue of Rs 2,400 crore for March 2024.
Anubrata Biswas, MD and CEO of Airtel Payments Bank, expressed his satisfaction with the growth, stating, “We are delighted to announce yet another year of robust growth for Airtel Payments Bank. Our strong financial performance underscores the trust and confidence placed in us by our customers and partners. 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.”
Focuses on Innovation
Airtel Payments Bank emphasized its commitment to innovation by introducing new products such as eco-friendly debit cards and smartwatches for payments. The Bank also noted significant progress in savings account acquisitions, onboarding over a million new customers monthly in Q4 FY24.
In addition, Airtel Payments Bank strengthened its presence in transit solutions, serving as the exclusive partner for five metros and leading in FASTag-based parking fee collection at over 100 sites, as per the official release.
