Paytm Payments Bank reports Rs 19 cr profit in FY’19

Paytm Payments Bank

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.

Paytm Payments Bank

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.

"Exciting news! Elets Banking & Finance Post is now on WhatsApp Channels Subscribe today by clicking the link and stay updated with the latest insights!" Click here!

Elets The Banking and Finance Post Magazine has carved out a niche for itself in the crowded market with exclusive & unique content. Get in-depth insights on trend-setting innovations & transformation in the BFSI sector. Best offers for Print + Digital issues! Subscribe here➔

Get a chance to meet the Who's who of the Banking & Finance industry. Join Us for Upcoming Events and explore business opportunities. Like us on Facebook, connect with us on LinkedIn and follow us on Twitter, Instagram & Pinterest.