Airtel Payments Bank Q1 results: PAT up 41% to Rs 7.2 cr on revenue rise

Airtel Payments Bank on Thursday said its net profit for the June quarter rose 41 per cent year-on-year to Rs 7.2 crore, amid uptick in digital savings bank accounts alongside other digital offerings.

Announcing its consolidated report card for the first quarter ended on June 30, 2024, Airtel Payments Bank said it has hit a significant milestone and that, in a first, the bank's quarterly revenue grew to Rs 610 crore, up by 52 per cent on-year.

The net profits stood at Rs 7.2 crore, up by 41 per cent year on year.

"During the quarter, the Bank's Monthly Transacting Users (MTU) exceeded 88 million giving a boost to customer deposits, which grew by 53 per cent year-on-year to Rs 2,943 crore," it said.

The Bank's annualised gross merchandise value stands at over Rs 3,400 billion (Rs 3,40,000 crore).

"The growth in revenue and MTUs has been driven primarily by an uptake in the Bank's digital savings bank account along with other digital offerings. The Bank's eco-friendly NCMC (National