Airtel Payments Bank on Thursday said its profit grew by 143 percent on a year-on-year basis without disclosing the actual number.

For the quarter, its revenue grew to Rs 400 crore for the first time during the first quarter of FY24, an increase of 41 percent year-on-year driven by strong uptake for its digital offerings.

The bank has 55.4 million monthly transacting users, an annualised gross merchandise value (GMV) of Rs 2,381 billion, and revenue of over Rs 1,600 crore on an annual basis.

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"For the first time, our revenues have surged to Rs 400 crore. Our brand's reliability and cutting-edge product offerings, combined with an unparalleled distribution network and advanced technology, have positioned us favourably to continue accelerating our expansion," Anubrata Biswas, MD, and CEO of Airtel Payments Bank said.

Airtel Payments Bank offers end-to-end digital banking solutions along with several digital financial services like insurance, lending, and investment solutions. The bank now processes over seven billion annualised transactions across its platforms.

Airtel Payments Bank is a big micro cash player with more than 3,000 corporate partners.