News Update

Airtel Payments Bank Reports Impressive 141% Surge in FY23 Profit, Reaching INR 21.17 Cr

• ByStartupStory     |    May 19, 2023

Airtel Payments Bank Records Impressive 141% Net Profit Growth in FY23, Surpassing INR 21.7 Cr compared to FY22’s INR 9.2 Cr. Revenue Soars to INR 1,291 Cr, a 37% Increase from FY22’s INR 941 Cr. “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 Anubrata Biswas said.

FY23 Sees a 59% Surge in Customer Deposits, Reaching INR 1,865 Cr. Airtel Payments Bank Achieves INR 2.01 Lakh Gross Merchandise Volume (GMV) for the Year, Crediting Growth in Urban Digital Consumer, Rural Under-banked, and Industries and Businesses Segments.

Bharti Enterprises, led by Sunil Mittal, Explores Merger Possibility of Airtel Payments Bank with Paytm, Reports Indicate. Airtel and Paytm Deny Knowledge of Developments, While Mittal Explores Buying Paytm Shares from Other Shareholders. Earlier Reports Hint at Airtel Payments Bank’s Potential Public Listing, Though No Concrete Plans Have Been Finalized.

Airtel Payments Bank, which began operating in 2017 with a seed investment of $440 million, has emerged as one of the two profitable payments banks, alongside Fino Payments Bank. Out of the 11 companies that obtained the license, including renowned names like Sun Pharmaceuticals, Tech Mahindra, and Aditya Birla Idea Payments Bank, most have ceased operations, while the remaining few are grappling to sustain themselves.

Airtel Payments Bank operates in the expansive Indian fintech market, which is poised to offer a substantial total addressable market opportunity of $2.1 trillion by the year 2030.

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