Airtel Payments Bank's Profits Surge Amid Digital Banking Boom

Airtel Payments Bank reported a 45% increase in Q2 net profit, reaching Rs 11.2 crore. Revenue grew 58% to Rs 674 crore, with a 76% rise in monthly transacting users, exceeding 102 million. The bank's annualized GMV surpassed USD 40 billion, reinforcing its digital banking prominence.

Airtel Payments Bank has announced an impressive 45% increase in net profit for the second quarter, amounting to Rs 11.2 crore. This marks a notable rise from the previous year's Rs 7.72 crore. The bank's revenue for the quarter surged by 58% year-on-year, totaling Rs 674 crore.

CEO Anubrata Biswas attributed the performance to growing adoption of digital solutions and robust security features, positioning the bank as a prominent player in India's digital banking space. The bank ranks as the fifth largest mobile bank in the nation and is increasingly favored for its reliable services.

Significantly, Airtel Payments Bank saw a 76% hike in monthly transacting users, tallying over 102 million this quarter. Additionally, the bank's annualized GMV surpassed USD 40 billion, while customer balances grew by 43% to over Rs 2,950 crore.

(With inputs from agencies.)