Airtel Payments Bank's FY23 profit rises over two-fold to Rs 21.7 crore, revenue up at Rs 1,291 crore

"This year has been a stellar year in our growth journey. Our trusted brand and innovative products, backed by unmatched distribution reach and technology, position us well to accelerate our growth further. Our strong performance is a validation of the payments bank model and its role in serving the digital and financial inclusion needs of the country," Airtel Payments Bank MD and CEO Anubrata Biswas said in a statement.

Airtel Payments Bank said that it registered a 19 per cent quarter-on-quarter (Q-o-Q) growth in the January-March 2023 period with revenues of Rs 379 crore.

The Bank now has 54.7 million monthly transacting users and a gross merchandise value (GMV) of Rs 2,01,500 crore.

The payments bank said that it recorded growth across all three core business segments -- the urban digital consumer, the rural underbanked, and industries and businesses.

"The Bank registered a strong uptake for its diversified product offerings like digital payments, money transfers, insurance, referral credit, collection management services and more. Airtel Payments Bank now processes over 7 billion annualised transactions across its platforms, making it the fastest-growing digital bank," the statement said.

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