Paytm Payments Bank Limited (PPB) on Thursday said it has turned profitable within its second year of operation, reporting a profit of Rs 19 crore for the financial year 2018-2019.
PPBL claimed to lead mobile banking transactions with over 19 percent market share as of March 2019.
PPBL claimed to lead 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," the company said in a statement.
PPB had registered net loss of Rs 20.7 crore for the fiscal ended 31 March, 2018, according to regulatory documents. PPB, which was incorporated in August 2016, formally began its operations in 2017.
Satish Kumar Gupta, MD and CEO of Paytm Payments Bank said the bank 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.
Gupta said, the bank aims to introduce more products and features on its platform to increase 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 holds 51 percent share in Paytm Payments Bank, while the rest is held by One97 Communications.