Airtel Payments Bank net profit rises to Rs 7.7 crore in Q2

Airtel Payments Bank on Thursday posted a multifold jump in net profit to Rs 7.7 crore in the September quarter mainly on account of uptick in saving accounts.

The company, which is the only profitable payments bank, had posted a profit of Rs 3 crore in the year-ago period.

The revenue of Airtel Payments Bank grew 39 per cent on a year-on-year basis to Rs 427 crore during the reported quarter.

The bank's Monthly Transacting Users (MTUs) grew to Rs 5.8 crore, giving a boost to customer deposits, which grew 52 per cent year-on-year to Rs 2,060 crore, Airtel Payments Bank said in a statement.

"The growth in revenue and MTUs is driven primarily by an uptick in the bank's savings bank accounts," the statement said.

The bank's annualised gross merchandise value stands at over Rs 2,50,000 crore.

"The success we have attained reaffirms the viability of the payments bank model, underscoring its pivotal role in addressing the digital and financial inclusion needs of India. We are well poised for a sustained growth and we remain committed to advancing our reach," Airtel Payments Bank MD and CEO Anubrata Biswas said.