365Telugu.com online news,India, November 8, 2024: Airtel Payments Bank has announced a remarkable milestone in its second-quarter financial performance for the fiscal year ending September 30, 2024. With a steady growth trajectory, the bank reported a 58% year-on-year increase in quarterly revenue, reaching ₹674 crore. Net profits rose to ₹11.2 crore, a 45% year-on-year growth, while EBITDA surged by 87% year-on-year to ₹76.1 crore for Q2 FY25.
A key highlight for the quarter was the impressive growth in Monthly Transacting Users (MTUs), which soared by 76% year-on-year to 102 million users, underscoring the bank’s significant digital outreach. The annualized gross merchandise value (GMV) also exceeded $40 billion, indicating strong customer engagement with Airtel Payments Bank’s digital savings accounts and financial products. Customer deposits reached ₹2,950 crore, reflecting a 43% year-on-year rise.
The bank’s growth has been driven by a rising demand for its digital services, with Airtel Payments Bank emerging as a preferred player in urban digital banking and strengthening its hold in rural regions. The bank continues to appeal to diverse segments, including urban digital users, the underbanked, and businesses, while maintaining its leadership in urban transit and rural banking.
Anubrata Biswas, Managing Director and CEO of Airtel Payments Bank, stated, “These results underscore our position as a key player in digital banking. The rapid adoption of our solutions highlights our role in driving financial inclusion across India, making Airtel Payments Bank the preferred safe second account for millions. This growth validates the payments bank model’s strength and showcases its essential role in meeting India’s evolving digital banking needs.”
Airtel Payments Bank is known for its extensive digital banking solutions, including insurance, lending, and investment services. The bank processes over 8 billion transactions annually and ranks fifth among leading mobile banking providers in India. With a vast network of over 500,000 neighborhood banking points, it reaches even the most remote rural areas. As India’s largest micro-cash player, Airtel Payments Bank digitizes ₹8,000 crore in cash transactions each month through collaborations with more than 4,000 corporate clients.