Airtel Payments Bank Reports 41% Profit Surge in Q1

Airtel Payments Bank reported a 41% year-on-year increase in net profit for the June quarter, driven by growth in digital savings accounts and other digital services. The bank's revenue rose by 52% to Rs 610 crore, with customer deposits and monthly transacting users also seeing significant gains.

Airtel Payments Bank has announced a substantial 41% year-on-year increase in net profit for the June quarter, reaching Rs 7.2 crore. This growth is attributed to the rising popularity of the bank's digital savings accounts and other digital offerings.

The bank's consolidated revenue for the first quarter of 2024 surged by 52% to Rs 610 crore, marking a significant milestone. Additionally, the number of Monthly Transacting Users (MTU) surpassed 88 million, driving a 53% year-on-year increase in customer deposits to Rs 2,943 crore.

CEO Anubrata Biswas noted that the growth has been propelled by the uptake in the flagship safe daily transaction account and a rise in digital payments. The bank also highlighted its extensive rural banking network and role as a leading micro-cash player in India.

(With inputs from agencies.)