Airtel Payments Bank Q2 net profit rises 45% to Rs 11.2 crore

Airtel Payments Bank has posted a 45 per cent increase in net profit to Rs 11.2 crore for the second quarter ended September 2024, the company said on Wednesday. The company had registered a net profit of around Rs 7.72 crore a year ago.

The bank said its quarterly revenue grew 58 per cent to Rs 674 crore during the reported quarter on a year-on-year basis.

"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. This growth validates the strength of the payments bank model," Airtel Payments Bank MD and CEO Anubrata Biswas said.

Airtel Payments Bank's monthly transacting users (MTU) rose 76 per cent on a year-on-year basis to 102 million in the quarter under review.

The annualised gross merchandise value (GMV) crossed USD 40 billion and customer balances increased by 43 per cent to over Rs 2,950 crore, a statement said.