India Post Payments Bank reports Operational Profit of Rs 20.16 cr in FY23

India Post Payments Bank

India Post Payments Bank reported its first-ever operational profit of Rs 20.16 crore for FY 22-23.

The bank witnessed a growth of 66.12 per cent in its overall revenue during this period. However, there was also a 17.36 per cent rise in operating costs for the bank throughout the fiscal year, according to an official statement.

The statement highlighted, “During the fiscal year 2022-23, IPPB managed to generate an operational profit of Rs 20.16 crore, showcasing a year of remarkable advancements for the bank.”

J Venkatramu, Managing Director and Chief Executive Officer of IPPB, attributed this success to several initiatives including Jan Dhan Yojana, Aadhaar, and India Stack. He also acknowledged the significant regulatory support in the realm of financial inclusion.

Venkatramu stated, “The bank’s sound financial management, coupled with regulatory assistance, has paved the path for exponential growth in both customer base and product offerings.”

Also Read | India Post Payments Bank and Koo collaborate to drive financial inclusion and literacy

Looking ahead, IPPB set its sights on transforming into a universal service platform. The bank aims to bridge the accessibility gaps at the last mile by leveraging Digital Public Infrastructure.

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