Airtel Payments Bank (APB), a fintech, has recorded a 157 per cent increase in net profit for the second quarter ending September 30, 2023, at ₹7.7 crore.
The company’s revenues for the quarter under review grew 39 per cent to ₹427 crore.
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In the June 2023 quarter, APB had recorded a net profit of ₹5.1 crore. For the entire fiscal 2022-23, the company had recorded a net profit of ₹21.7 crore, up 141 per cent over the previous year.
Commenting on the latest Q2 performance, Anubrata Biswas, Managing Director, said that the “success we have attained reaffirms the viability of the payments bank model, underscoring its pivotal role in addressing the digital and financial inclusion needs of India.”
During the quarter, the bank’s customer deposits grew 52 per cent Y-o-Y to ₹2,060 crore as the bank’s Monthly Transacting Users (MTU) surged to 58 million. The Bank’s annualised gross merchandise value (GMV) stood over ₹2,500 billion.
The growth in revenue and MTUs is driven primarily by an uptake in the Bank’s savings bank accounts.