Airtel Payments Bank revenue grows 41% to Rs 400 crore
Airtel Payments Bank on Thursday said its revenue witnessed a year-on-year growth of 41 per cent to Rs 400 crore in the first quarter ended June 30, 2023. The unlisted entity of Bharti Group said that its profit grew by 143 per cent on a year-on-year basis without disclosing the actual number.
Airtel Payments Bank on Thursday said its revenue witnessed a year-on-year growth of 41 per cent to Rs 400 crore in the first quarter ended June 30, 2023. The unlisted entity of Bharti Group said that its profit grew by 143 per cent on a year-on-year basis without disclosing the actual number. "For the first time, the Bank's quarterly revenue grew to Rs 400 crore for the first quarter (Q1) of financial year (FY) 2024, an increase of 41 per cent YoY. For the Q1'FY24, the Bank's profits grew by 143 per cent on YoY," the company said in a statement.
The customer deposits at Airtel Payments grew to Rs 1,922 crore and it now has 5.54 crore monthly transacting users, an annualised gross merchandise value (GMV) of Rs 2,381,00 crore and revenue of over Rs 1,600 crore on an annual basis, the statement said."For the first time, our revenues have surged to INR 400 crore. Our brand's reliability and cutting-edge product offerings, combined with an unparalleled distribution network and advanced technology, have positioned us favourably to continue accelerating our expansion," Airtel Payments Bank MD and CEO Anubrata Biswas said.
The company said it processes over 7 billion annualised transactions across its platforms. According to the statement, the payments bank has more than 3,000 corporate partners and a network of 500,000 banking points spread across the country.
Catch the latest minute-by-minute stock market updates here. For all other news related to business, politics, tech, sports, and auto, visit Zeebiz.com.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
Fundamental picks by brokerage: These 3 largecap, 2 midcap stocks can give up to 28% return - Check targets
SBI Senior Citizen Latest FD Rates: What senior citizens can get on Rs 7 lakh, Rs 14 lakh, and Rs 21 lakh investments in Amrit Vrishti, 1-, 3-, and 5-year fixed deposits
Tamil Nadu Weather Alert: Chennai may receive heavy rains; IMD issues yellow & orange alerts in these districts
SIP+SWP: Rs 10,000 monthly SIP for 20 years, Rs 25 lakh lump sum investment, then Rs 2.15 lakh monthly income for 25 years; see expert calculations
Top 7 Mutual Funds With Highest Returns in 10 Years: Rs 10 lakh investment in No 1 scheme has turned into Rs 79,46,160 in 10 years
SIP vs PPF: How much corpus you can build in 15 years by investing Rs 1.5 lakh per year? Understand through calculations
Retirement Planning: Investment Rs 20 lakh, retirement corpus goal Rs 3.40 crore; know how you can achieve it
01:41 PM IST