Airtel Payments Bank has posted a 45% 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% to Rs 674 crore during the reported quarter on a year-on-year basis.
"These results underscore our position as a key player within the digital banking sector. The rapid 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, demonstrating its crucial role in driving financial inclusion and meeting the evolving digital needs of India's population," Airtel Payments Bank MD and CEO Anubrata Biswas said.
Airtel Payments Bank's monthly transacting users rose 76% on a year-on-year basis to 102 million in the quarter under review.
The annualised gross merchandise value crossed $40 billion and customer balances increased by 43%b to over Rs 2,950 crore, a statement said.
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