Airtel Payments Bank Soars in FY24, Records INR 1,836 Crore of Revenue

Bhubaneswar :  Airtel Payments Bank today announced its results for the financial year ended on March 31, 2024, registering an exceptional surge in performance across all metrics, marking a significant milestone in its growth journey. 

For FY24, the Bank’s revenue soared to INR 1,836 cr, up by 42% YoY, while net profit stood at INR 34.5 cr, up by 60% YoY. The Bank’s Monthly Transacting Users (MTU) grew to 80.4 million, propelling customer deposits to surpass INR 2,801 crore, a 50% YoY surge. The Bank’s gross merchandise value (GMV) reached INR 2,550 bn.

Airtel Payments Bank registered a substantial Quarter-over-Quarter (Q-o-Q) growth in FY24 revenues, with Q4 (Jan-Mar’23) emerging as the strongest quarter, with revenues of INR 539 crore, a 15% sequential growth over the preceding quarter. The Bank witnessed significant momentum in savings account acquisitions in Q4FY24 and now onboards over a million new customers monthly. 

Over the past four years, the Bank has experienced rapid growth, achieving a remarkable 40% compound annual growth rate (CAGR) in revenues. Today, the Bank’s annualized revenue for March 2024 has surged to INR 2,400 crores, marking an inflexion point.

In line with its commitment to innovation, Airtel Payments Bank has introduced new products, including Eco-friendly debit cards, smartwatch, and more catering to evolving customer needs. The Bank’s emphasis on safety and security propositions has resulted in a strong demand for its safe daily transaction account offering, further enhancing its service proposition.

Airtel Payments Bank is also now a leading player in transit solutions, serving as an exclusive acquiring and issuance partner for five metros and a market leader in FASTag-based parking fee collection at over 100 FASTag-enabled parking sites. 

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.”

Airtel Payments Bank caters to three distinct segments – Urban Digital, Underbanked, and Industries & Institutions- offering comprehensive end-to-end digital banking solutions alongside a bouquet of digital financial services including insurance, lending, and investment solutions. Processing over 8 billion transactions annually across its platforms, Airtel Payments Bank today stands as the 6th largest player amongst mobile banking users. The Bank addresses the challenge of accessibility by extending banking services to the deepest rural pockets with its largest banking network comprising over 500,000 neighbourhood banking points. Today, Airtel Payments Bank is the largest micro-cash player in the country, digitizing over INR 7,500 cr of cash monthly with over 4,000 corporate partners.