Airtel Payments Bank Q1 Profit Up 41% to Rs 7.2 Crore

New Delhi, Aug 8 (PTI) Airtel Payments Bank on Thursday said its net profit for the June quarter rose 41 per cent year-on-year to Rs 7.2 crore, amid uptick in digital savings bank accounts alongside other digital offerings.

Announcing its consolidated report card for the first quarter ended on June 30, 2024, Airtel Payments Bank said it has hit a significant milestone and that, in a first, the bank's quarterly revenue grew to Rs 610 crore, up by 52 per cent on-year.

The net profits stood at Rs 7.2 crore, up by 41 per cent year on year.

"During the quarter, the Bank's Monthly Transacting Users (MTU) exceeded 88 million giving a boost to customer deposits, which grew by 53 per cent year-on-year to Rs 2,943 crore," it said.

The Bank's annualised gross merchandise value stands at over Rs 3,400 billion (Rs 3,40,000 crore).

"The growth in revenue and MTUs has been driven primarily by an uptake in the Bank's digital savings bank account along with other digital offerings. The Bank's eco-friendly NCMC (National Common Mobility Card) enabled cards are witnessing a strong demand and usage," it said.

Airtel Payments Bank NCMC-enabled card is a multi-purpose card that allows users to tap and pay for public transportation in various cities.

Anubrata Biswas CEO of Airtel Payments Bank, said, the growth has been driven by strong uptake of its flagship safe daily transaction account for India, and a surge in digital payments across all businesses.

"The Bank, today, is well-positioned as first-in-class to take margin-enhancing advantage of India's large unfolding digital opportunities," Biswas said.

Airtel Payments Bank caters to three segments - urban digital, underbanked, and industries and institutions- offering comprehensive end-to-end digital banking solutions alongside a slew of digital financial services including insurance, lending, and investment solutions.

It processes over 8 billion transactions annually across its platforms.

"The Bank addresses the challenge of accessibility by extending banking services to the deepest rural pockets with its largest banking network comprising over 5,00,000 neighbourhood banking points. Airtel Payments Bank is the largest micro-cash player in India, currently digitising around Rs 8,000 crore of cash monthly with over 4,000 corporate partners," it said.