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Airtel Payments Bank (APB), a fintech, has recorded a 143 per cent increase in net profit for the quarter ended June 30, 2023 at ₹5.1 crore.
It has also achieved a milestone of quarterly revenues of ₹400 crore, up 41 per cent over year ago period.
APB’s customer deposits grew to ₹1,922 crore fuelled by a healthy addition of new users. It now has 55.4 million monthly transacting users, an annualised gross merchandise value (GMV) of ₹2,381 billion, and revenue of over ₹1,600 crore on an annualised basis.
Commenting on the Q1 financial performance, Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “We have achieved a remarkable milestone in our growth journey this quarter. For the first time, our revenues have surged to ₹400 crore. The success we’ve achieved serves as a validation of the payments bank model and its crucial role in meeting the digital and financial inclusion requirements of the country.”
In FY23, APB recorded a net profit of ₹21.7 crore on revenues of ₹1,291 crore. This was the second straight fiscal year when APB had recorded profits.
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