Airtel Payments Bank (APB), a fintech, recorded a 141% increase in its net profit for the financial year 2022-23 to ₹21.7 crore (₹9.2 crore).
This is the second year in a row that APB has recorded profits. For the 2022–23 financial year, APB reported a 37% increase in revenue to ₹1,291 crore.
In 2022-23, customer deposits grew by 59% YoY to ₹1,865 crore, fueled by a healthy addition of new users.
This payment bank now has 54.7 million monthly transacting users and a gross market value (GMV) of ₹2.02 lakh crore.
“Our strong performance is a validation of the payment banking model and its role in meeting the country’s digital and financial inclusion needs,” said Anubrata Biswas, MD and CEO of Airtel Payments Bank.
“The year 2022-2023 has been an exceptional year in our growth journey. Our trusted brand and innovative products, backed by unparalleled distribution reach and technology, position us well to further accelerate our growth.”
Airtel Payments Bank now processes over 7 billion annualized transactions on its platforms, making it the fastest growing digital bank.
It reaches the deep rural pockets of the country with the largest retail banking network of 500,000 neighborhood banking outlets. Today, APB is also the largest microcash player in the country, with more than 3,000 partner companies.
APB saw growth in all three major business segments: the urban digital consumer, the rural underbanked, and industries and businesses.
It has seen strong adoption of its diversified product offerings such as digital payments, money transfers, insurance, referral credit, collection management services, and more.