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Monday, March 4, 2024

APB sees revenue surge by 37% in FY23

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HT Bureau

Guwahati, May 19: Airtel Payments Bank (APB) delivered strong performance across metrics for FY23. This underscores the power of the diverse business model that the Bank has built over the years. For the FY ended March 2023, the Bank reported revenue growth of 37% to Rs 1,291 cr, with profits growing by 141% to Rs 21.7 crores. The customer deposits grew by 59% Y-o-Y to Rs 1,865 cr, fueled by a healthy addition of new users. The Bank now has 54.7 mn. monthly transacting users and a gross merchandise value (GMV) of Rs 2,015 bn. Airtel Payments Bank registered a substantial Q-o-Q growth in FY’23 revenues, Q4 (Jan-Mar’23) being the strongest with revenues of Rs 379 cr, a 19% sequential growth over the previous quarter.

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The Bank recorded growth across all three core business segments – the Urban Digital Consumer, the Rural Underbanked, and Industries & 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. It is reaching the deep rural pockets of the country with the largest retail banking network of 500,000 neighbourhood banking points. Airtel Payments Bank is also the largest micro cash player in the country, with more than 3,000 corporate partners.

Anubrata Biswas, MD and CEO of Airtel Payments Bank said, “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.”

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The Hills Times
The Hills Timeshttps://thehillstimes.in/
The Hills Times, a largely circulated English daily published from Diphu and printed in Guwahati, having vast readership in hills districts of Assam, and neighbouring Nagaland, Meghalaya, Arunachal Pradesh and Manipur
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