Guwahati: Airtel Payments Bank, India’s only profitable multi-segment fintech operating at scale with a banking license, delivers another quarter of strong performance.

For the first time, the bank’s quarterly revenue grew to Rs 400 crore for Q1’FY24, an increase of 41% YoY. For the Q1’FY24, the bank’s profits grew by 143% on YoY.

The customer deposits grew to Rs 1,922 crore, fuelled by a healthy addition of new users. The bank now has 55.4 million monthly transacting users, an annualised gross merchandise value (GMV) of Rs 2,381 billion and revenue of over Rs 1,600 crore on an annual basis.

For the bank, this growth in revenues is driven by strong uptake for its digital offerings comprising digital banking solutions and financial services.

The bank registered a strong demand for its customised plans, which allow the savings bank account customers of the bank to get additional benefits like insurance on an annual basis by making an additional payment.

Anubrata Biswas, MD and CEO of Airtel Payments Bank, said they have achieved a remarkable milestone in their growth journey this quarter. 

Their brand’s reliability and cutting-edge product offerings, combined with an unparalleled distribution network and advanced technology, have positioned us favourably to continue accelerating our expansion. The remarkable success we've achieved serves as a validation of the payments bank model and its crucial role in meeting the digital and financial inclusion requirements of the country.

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