Airtel Payments Bank, a profitable multi-segment fintech, has recorded a 120 per cent increase in net profit for the third quarter ended December 31, 2023 at ₹ 11 crore.
Revenue for the quarter under review grew 47 per cent to ₹469 crore. The monthly transacting users (MTU) grew to 59 million giving a boost to customer deposits, which grew by 50 per cent y-o-y to ₹2,339 crore during the quarter. The bank’s annualised gross merchandise value (GMV) stood at over ₹2,628 billion.
Commenting on the Q3 results, Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “We have delivered yet another quarter of consistent and competitive growth backed by a surge in customer demand for our safe digital products including savings bank account, debit card and other offerings including FASTag. Compliance continues to be the bedrock of everything we do as a bank, and we are confident that this will help us stay on course to be India’s only profitable fintech.”
Airtel Payments Bank has three clear segments in which it serves customers across geographies - the Urban Digital, the Rural Underbanked, and Industries and Businesses. It now processes over 7 billion annualised transactions across its platforms, making it the fastest-growing digital bank.