Airtel Payments Bank's FY23 profit rises over two-fold to Rs 21.7 crore

Airtel Payments Bank on Thursday said that its profit has more than doubled to Rs 21.7 crore in the financial year 2022-23.

The company had posted a profit of Rs 9.2 crore in 2021-22.

The revenue of Airtel Payments Bank grew 37 per cent to Rs 1,291 crore in the fiscal year 2022-23 from Rs 941 crore in the FY22.

"This year has been a stellar year 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. 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," Airtel Payments Bank MD and CEO Anubrata Biswas said in a statement.

Airtel Payments Bank said that it registered a 19 per cent quarter-on-quarter (Q-o-Q) growth in the January-March 2023 period with revenues of Rs 379 crore.

The Bank now has 54.7 million monthly transacting users and a gross merchandise value (GMV) of Rs 2,01,500 crore.

The payments bank said that it recorded growth across all three core business segments -- the urban digital consumer, the rural underbanked, and industries and businesses.

"The Bank registered a strong uptake for its diversified product offerings like digital payments, money transfers, insurance, referral credit, collection management services and more. Airtel Payments Bank now processes over 7 billion annualised transactions across its platforms, making it the fastest-growing digital bank," the statement said.