Paytm Payments Bank breaks even in 2nd year, posts FY19 profit of Rs 19 cr

Paytm Payments Bank Limited (PPB) 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 per cent 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 March 31, 2018, according to regulatory documents. PPB, which was incorporated in August 2016, formally began its operations in 2017.