Airtel Payments Bank, the fintech arm of Bharti Airtel, has reported a 141% jump in its net profit to Rs 21.7 crore for FY23. Revenue witnessed a 37% increase to Rs 1,291 crore.
Airtel Payments Bank recorded growth in all three core business segments – the urban digital consumer, the rural underbanked, and industries & businesses, it said in a statement. Diversified product offerings like digital payments, money transfers, insurance, referral credit and collection management services contributed to its growth.
In the January-March quarter, revenues grew 19% QoQ to Rs 379 crore.
“This year has been a stellar one in our growth journey. Our trusted brand and innovative products, backed by unmatched distribution reach and technology, position us well to accelerate our growth further,” said MD and CEO Anubrata Biswas. “Our strong performance is a validation of the payments bank model and its role in serving the digital and financial inclusion needs of the country.”
In FY23, customer deposits for Airtel Payments Bank grew 59% to Rs 1,865 crore, driven by the addition of new users. The company now has 54.7 million monthly transacting users, compared with 43 million in FY22. The company’s gross merchandise value (GMV) rose to over Rs 2 trillion, an increase of 46% over Rs 1.37 trillion in FY22.
Airtel Payments Bank now processes over 7 billion annualised transactions across its platforms, making it the fastest-growing digital bank. It has a retail banking network of 500,000 neighbourhood banking points, and has 3,000 corporate partners.
In March, FE reported that the company is targeting to list on the stock exchanges in the next two-three years and has started talks with certain strategic investors before coming up with its initial public offering.