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Airtel Payments Bank Q2 profit soars 45% to Rs 11.2 crore
07 Nov 2024, 08:47 PMThe Gurugram-based company's revenue also saw a significant jump of 58%, rising to Rs 674 crore from Rs 427 crore in Q2 FY24.
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Airtel Payments Bank, which offers digital banking services, including insurance, lending, and investment options to customers, has reported a 45% increase in its net profit for the second quarter of FY25, reaching Rs 11.2 crore, up from Rs 7.7 crore during the same period last year.
The Gurugram-based company's revenue also saw a significant jump of 58%, rising to Rs 674 crore from Rs 427 crore in Q2 FY24.
The strong growth, according to the company, is due to the increasing demand for its digital services in both urban and rural markets.
“These results underscore our position as a key player in the digital banking sector, where we have been the fifth largest mobile bank in India. The rising adoption of our digital solutions and security features has made us India’s first choice for a safe second account,” said Airtel Payments Bank’s MD and CEO Anubrata Biswas.
Airtel Payments Bank also surpassed 100 million monthly transacting users (MTUs) mark during the quarter, whereas it reported an annualized gross merchandise value (GMV) of $40 billion for the quarter.
The bank's customer balances increased 43% year-on-year to Rs 2,950 crore in Q2 FY25.
With over 500,000 banking points, the bank claims to be the largest micro-cash operator in India, digitizing Rs 8,000 crore in cash transactions monthly through partnerships with more than 4,000 corporate clients.
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