Airtel Payments Bank Q1 revenue jumps 41% to Rs 400 crore
Airtel Payments Bank reported a 41% increase in revenue to ₹400 crore in the fiscal first quarter, on the back of a strong uptake of its digital offerings comprising digital banking solutions and financial services.Bharti Airtel's payments banking arm also reported a 143% year-on-year jump in net profit to ₹5.1 crore for the April-June quarter. Annualised revenue was upwards of ₹1,600 crore.
«Customer deposits grew to ₹1,922 crore, fuelled by a healthy addition of new users,» it said in a statement Thursday. The payments bank now has 55.4 million monthly transacting users with a gross merchandise value of ₹2,38,100 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,» managing director Anubrata Biswas said in the statement. -Our Bureau
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