Airtel Payments Bank reports 37 pc revenue growth in 2022-23
May 18, 2023
New Delhi [India], May 18 : Airtel Payments Bank delivered a strong performance across various metrics in the financial year 2022-23. During the financial year, it reported revenue growth of 37 per cent to Rs 1,291 crore with profits growing by 141 per cent to Rs 21.7 crore.
The customer deposits grew by 59 per cent year-on-year to Rs 1,865 crore, fueled by a healthy addition of new users, it said in a statement Thursday.
The bank has 54.7 million monthly transacting users and a gross merchandise value (GMV) of Rs 2,015 billion.
The Bank said 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, and collection management services.
"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," said Anubrata Biswas, MD and CEO of Airtel Payments Bank.
"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."
