In the midst of uptick in digital savings bank accounts alongside other digital offerings, 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.
The company has announced its consolidated report card for the first quarter ended on June 30, 2024, wherein, Airtel Payments Bank stated that it has hit a significant milestone. They cited that the bank's quarterly revenue grew to INR 610 crore which is up by 52 per cent on-year. Furthermore, increasing by 41 percent year on year, the net profits stood at Rs 7.2 crore.
"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. Moreover, the Bank's annualized gross merchandise value currently stands at over INR 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.
Anubrata Biswas, CEO at Airtel Payments Bank stated that the growth has been attributed by a robust strong uptake of its flagship safe daily transaction account for India. This upsurge is further driven by an increase 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.
At present, Airtel Payments Bank caters across three different segments which include urban digital, underbanked, and industries and institutions. Today, Airtel is known in the market for offering comprehensive end-to-end digital banking solutions which is coupled by a slew of digital financial services such as insurance, lending, and investment solutions.
As per a credible report, Airtel Payment Bank processes over 8 billion transactions annually across the aforementioned 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 neighborhood banking points. Airtel Payments Bank is the largest micro-cash player in India, currently digitizing around Rs 8,000 crore of cash monthly with over 4,000 corporate partners," it said.
