Airtel Payments Bank today released its results for the fiscal year ending March 31, 2024, which showed an outstanding jump in performance across all parameters, marking a critical milestone in the company’s growth trajectory.
For FY24, the Bank’s revenue increased by 42 per cent year on year to INR 1,836 crore, while net profit increased by 60 per cent to INR 34.5 crore. The Bank’s Monthly Transacting Users (MTU) increased to 80.4 million, causing client deposits to exceed INR 2,801 crore, a 50 per cent YoY increase. The Bank’s gross merchandise value (GMV) totaled INR 2,550 billion.
Airtel Payments Bank‘s FY24 revenues increased significantly quarter over quarter (Q-o-Q), with Q4 (Jan-Mar’24) being the strongest quarter, with revenues of INR 539 crore, a 15 per cent sequential increase over the previous quarter. In Q4FY24, the bank saw a considerable increase in savings account acquisitions, and it now onboards over a million new customers per month.
Over the last four years, the bank has witnessed significant expansion, with revenues increasing at a phenomenal 40 per cent compound annual growth rate (CAGR). Today, the Bank’s annualised revenue for March 2024 has risen to INR 2,400 crores, indicating an inflection moment.
Following its commitment to innovation, Airtel Payments Bank has developed new products like as eco-friendly debit cards, smartwatches, and more to meet changing client needs. The Bank’s emphasis on safety and security propositions has resulted in high demand for its safe daily transaction account offering, which has strengthened its service proposition.
Airtel Payments Bank is also a major player in transportation solutions, acting as the exclusive acquisition and issuing partner for five metros and the market leader in FASTag-based parking charge collection at over 100 FASTag-enabled parking lots.
Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “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.”
Also Read | Airtel Payments Bank unveils Business Solution Suite for their Merchant Partners
Airtel Payments Bank serves three separate segments: urban digital, underbanked, and industries and institutions. It provides comprehensive end-to-end digital banking solutions as well as a range of digital financial services such as insurance, lending, and investment solutions. Airtel Payments Bank is currently the sixth largest player among mobile banking consumers, processing over 8 billion transactions each year across various platforms. The Bank addresses the question of accessibility by providing banking services to the most remote rural areas through its largest banking network, which includes over 500,000 local banking locations. Today, Airtel Payments Bank is the country’s largest micro-cash player, digitising over INR 7,500 crore of cash every month with over 4,000 corporate partners.
