APB, a leading banking corporation, reported a significant increase in its net profit for the second quarter ending September 30, 2023, according to the company's recent financial report. The bank's net profit reached ₹7.7 crore, marking a 157% surge from the ₹5.1 crore reported in the June 2023 quarter.
The growth in APB's revenue was also noteworthy, with a 39% rise to ₹427 crore during the same period. This substantial increase in revenues and net profit is primarily attributed to an uptick in the bank's savings accounts, which significantly boosted both revenue and Monthly Transacting Users (MTUs).
The fiscal year 2022-23 was particularly successful for APB, as it recorded a net profit of ₹21.7 crore - an impressive 141% increase year-over-year (YoY). Anubrata Biswas, a key figure at APB, credited this success to the bank's viable payments model.
Customer deposits have also seen a steady increase, growing by 52% YoY to ₹2,060 crore. This growth coincides with a rise in MTUs which hit 58 million. The annualized Gross Merchandise Value (GMV) for APB surpassed ₹2,500 billion.
In addition to these financial achievements, APB has been focusing on enhancing its services. The bank recently introduced a face authentication feature for Aadhaar Enabled Payment System (AePS), further improving its customer experience and service offerings.
While these figures highlight APB's strong performance and growth trajectory, they also underscore the effectiveness of its strategic initiatives aimed at enhancing customer experience and expanding its user base.
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