Airtel Payments Bank announced its consolidated results for the second quarter, which ended on September 30, 2024, demonstrating its continued strong growth trajectory. The bank’s quarterly income increased to Rs. 674 crore, up 58% YoY and 10% over the previous quarter. The bank’s net profits stood at Rs. 11.2 crore, up 45% year on year. EBITDA increased by 87% YoY to Rs 76.1 crore in Q2 FY25.
Airtel Payments Bank’s Monthly Transacting User (MTU) count reached 102 million, an increase of 76% year on year. The annualised gross merchandise value (GMV) exceeded USD 40 billion, indicating increased use of the Bank’s digital savings accounts and other products. Customer balances reached Rs. 2,950 crore, up 43% year on year.
This expansion has been fuelled by a significant uptake of Airtel Payments Bank’s digital offerings, with an increasing number of clients using its digital secure account for daily transactions. The Bank emerged as the dominant player in urban transit while maintaining its leadership position in rural India.
Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “These results underscore our position as a key player within the digital banking sector. The rapid adoption of our digital solutions and security features has made us India’s first choice for a safe second account. This growth validates the strength of the payments bank model, demonstrating its crucial role in driving financial inclusion and meeting the evolving digital needs of India’s population”
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Airtel Payments Bank serves three main consumer segments: urban digital, underbanked, and industries & institutions. It offers a wide range of digital banking solutions, as well as insurance, lending, and investment services. The bank performs more than 8 billion transactions each year and is ranked fifth among India’s biggest mobile banking providers. Airtel Payments Bank serves even the most remote areas of rural India, with over 500,000 local banking locations. The Bank, the largest micro-cash player in the country, digitises ₹8,000 crore in cash transactions every month through collaborations with over 4,000 corporate clients.
