PPB continue to earn profit even in a 2nd consecutive year
Paytm Payment Bank Limited Thursday said it has continued to earn profit within its second year of operation, showing a profit of Rs 19 crore for the financial year 2018-2019.
Paytm Founder Vijay Shekhar Sharma holds 51 % share in Paytm Payments Bank, while One97 Communications own the rest.
It claimed to lead mobile banking transactions with over 19 %market shares in March 2019
"Paytm Payment Bank and it process power nearly a third of the total mobile banking transactions in India over Rs 3 lakh crore worth of digital transactions on an annualized basis," the company said in a statement.
PPB had registered the loss of Rs 20.7 crore for the fiscal year ended March 31, 2018, according to regulatory documents. PPB, which was established in August 2016, formally began its operations in 2017.
Paytm Payments Bank MD and CEO Satish Kumar Gupta said the bank performed "exceptionally well" in the last year.
"Paytm Payment Bank 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,"
Gupta said a bank aims to introduce more products and features on its platform to increase the monthly process of savings account payments from Rs 24,000 crore to Rs 40,000 crore in FY'20.