New Delhi: Airtel Payments Bank reported a 41 per cent year-on-year increase in net profit to Rs 7.2 crore for the June quarter, driven by growth in digital savings bank accounts and other digital services. Airtel Payments Bank released its combined report for the first quarter ending on June 30, 2024, revealing a notable achievement with a 52 pc year-on-year increase in quarterly revenue to Rs 610 crore.
The net profits increased by 41 percent year on year, reaching Rs 7.2 crore. It was mentioned that in the quarter, the Bank's Monthly Transacting Users surpassed 88 million, leading to a 53 per cent increase in customer deposits to Rs 2,943 crore compared to the previous year. The Bank's yearly gross merchandise value exceeds Rs 3,400 billion (Rs 3,40,000 crore).
The increase in revenue and MTUs has been mainly due to the rise in popularity of the Bank's digital savings account as well as other digital services. The Bank stated that there is a high demand and usage of its environmentally friendly NCMC (National Common Mobility Card) enabled cards.
The Airtel Payments Bank NCMC-enabled card is a versatile card that enables users to simply tap and pay for public transportation in different cities. CEO of Airtel Payments Bank, Anubrata Biswas mentioned that the company's growth is due to the popularity of its secure daily transaction account in India and an increase in digital payments in all sectors.
Biswas stated that the Bank is currently in a prime position to capitalize on India's extensive digital opportunities, which will help increase profit margins. Airtel Payments Bank serves three categories - urban digital, underbanked, and industries and institutions, providing complete digital banking solutions along with various digital financial services like insurance, lending, and investment options.
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