Paytm Payments Bank Limited (PPB) has posted a profit of Rs 19 crore for the financial year 2018-2019. The bank gained the profit within second year of its operation.
It also claimed to be leading the mobile banking transactions with over 19 percent market share as of March 2019.
“Nearly a third of the total mobile banking transactions in India are powered by PPB and it processes over Rs 3 lakh crore worth of digital transactions on an annualised basis,” said the bank in its official communique.
PPB had earlier registered a net loss of Rs 20.7 crore for the fiscal ended March 31, 2018, as per the regulatory documents.
PPB was incorporated in August 2016 and formally started its operations in 2017.
Satish Kumar Gupta, Managing Director and Chief Executive Officer of Paytm Payments Bank said the bank has performed “exceptionally well” in the last year.
“(PPB) has been able to close the year on a high note, making us the first Payments bank in the country to announce profit, that too within two years of its operations… as of April 2019, we have more than Rs 500 crore deposits in our savings account, which makes us the largest payments bank in India in terms of deposits,” he said.
The bank plans to launch more products and features on its platform in a bid to inflate the monthly processing of savings account payments from Rs 24,000 crore to Rs 40,000 crore in FY’20.
Paytm Founder Vijay Shekhar Sharma acquires 51 percent share in Paytm Payments Bank, while the rest is possessed by One97 Communications.