Airtel Payments Bank Q1 net profit rises 41pc to Rs 7.2 crore as revenue hits milestone.

Airtel Payments Bank reported a 41% increase in net profit for the June quarter, reaching Rs 7.2 crore. The bank's revenue for the same quarter grew by 52% to Rs 610 crore. The number of Monthly Transacting Users (MTUs) surpassed 88 million, contributing to a 53% year-on-year growth in customer deposits, which reached Rs 2,943 crore. Airtel Payments Bank's annualized gross merchandise value exceeds Rs 3,400 billion. The bank attributes the revenue and MTU growth to the rising popularity of digital savings accounts and services. Additionally, Airtel Payments Bank's NCMC-enabled cards are in high demand, allowing users to conveniently pay for public transportation in various cities.