The Bank Crosses over 100 million MTU milestone
Bhubaneswar : Airtel Payments Bank today announced its consolidated results for the second quarter ended on 30 September 2024, continuing its strong growth trajectory. The Bank’s quarterly revenue grew to Rs. 674 crore, up by 58% YoY and 10% up over the last quarter. The Bank’s net profits stood at Rs. 11.2 crore, up by 45% YoY. EBITDA witnessed an increase of 87% YoY to Rs 76.1 crore in Q2 FY25.
In a milestone, Airtel Payments Bank’s Monthly Transacting User (MTU) count grew to 102 million, up by 76% YoY. The annualised gross merchandise value (GMV) crossed USD 40 billion dollars reflecting the growing adoption of the Bank’s digital savings accounts and other products. The customer balances crossed Rs. 2,950 crore, up by 43% YoY.
This growth has been driven by a strong uptake of Airtel Payments Bank’s digital propositions, with an increasing number of customers choosing its digital safe account for daily transactions. The Bank emerged as the leading player in urban transit and maintained 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.”
Airtel Payments Bank caters to three key customer segments: Urban Digital, Underbanked, and Industries & Institutions. It provides a wide range of digital banking solutions, alongside offerings such as insurance, lending, and investment services. The Bank processes over 8 billion transactions annually and ranks fifth among the leading mobile banking providers in India. With more than 500,000 neighbourhood banking points, Airtel Payments Bank extends its services to even the most remote parts of rural India. As the largest micro-cash player in the country, the Bank is currently digitizing ₹8,000 crore in cash transactions each month through partnerships with over 4,000 corporate clients.
