Airtel Payments Bank (APB), a fintech, has recorded a 141 per cent increase in net profit for the fiscal year 2022–23 at ₹21.7 crore (₹9.2 crore).

This is the second straight fiscal year that APB has recorded profits. For fiscal 2022–23, APB reported a 37 percent increase in revenues at ₹1,291 crore.

In 2022–23, customer deposits grew by 59 percent Y-o-Y to ₹1,865 crore, fuelled by a healthy addition of new users. 

This payment bank now has 54.7 million monthly transacting users and a gross merchandise value (GMV) of ₹2.02 lakh crore.

‘Stellar year’

“Our strong performance is a validation of the payments bank model and its role in serving the digital and financial inclusion needs of the country”, Anubrata Biswas, MD and CEO of Airtel Payments Bank, said.

“The year 2022–23 has been a stellar year in our growth journey. Our trusted brand and innovative products, backed by unmatched distribution reach and technology, position us well to accelerate our growth further”.

Airtel Payments Bank now processes over 7 billion annualised transactions across its platforms, making it the fastest-growing digital bank. 

It is reaching the deep rural pockets of the country with the largest retail banking network of 500,000 neighbourhood banking points. Today, APB is also the largest microcash player in the country, with more than 3,000 corporate partners.

APB recorded growth across all three core business segments: the urban digital consumer, the rural underbanked, and industries and businesses. 

It registered a strong uptake for its diversified product offerings like digital payments, money transfers, insurance, referral credit, collection management services, and more.

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