Airtel Payments Bank FY23 net profit up 141% on year

Kolkata: Airtel Payments Bank (APB) has reported a 141% on-year jump in net profit to Rs 21.7 crore in FY23 on the back of strong growth in its transacting user base and gross merchandise value (GMV).

Bharti Airtel’s payments banking arm also reported 37% on-year growth in revenue to Rs 1,291 crore in FY23. Revenue growth was strongest in the fiscal fourth quarter, rising 19% sequentially to Rs 379 crore.

Customer deposits grew 59% on-year to Rs 1,865 crore, fuelled by a healthy addition of new users, APB said in a statement Thursday. The payments bank now has 54.7 million monthly transacting users and a GMV of Rs 2,01,500 crore.