Airtel Payments Bank's FY24 profit grows 60% YoY to INR 35 crore, as deposits exceed INR 2,801 crore.

Airtel Payments Bank's net profit increased by more than 60% to INR 34.5 crore in the fiscal year 2023-24 (FY24) from INR 21.1 crore in FY23, owing to high growth in transacting users and payment volume. Revenue also increased by more than 42% year on year (YoY) to INR 1,836 Cr in the fiscal year ended March 2024. Q4 FY24 was the payments bank's greatest quarter, with revenues of INR 539 crore, up 15% sequentially. "Our strong financial performance reflects the trust and confidence of our customers and partners." As we see continued demand for our digital solutions and accelerate client acquisitions, we remain committed to our vision of providing every Indian with safe, convenient, and rewarding digital banking services," stated Anubrata Biswas, CEO and Managing Director of Airtel Payments Bank. The company's financial results came two months after Anuj Bansal, a former executive at MasterCard India, was appointed chief financial officer (CFO). Airtel Payments Bank also