Paytm Payments Bank FY20 net profit up 55% at Rs 29.8 crore

New Delhi: Paytm Payments Bank Ltd (PPBL) on Tuesday said its net profit in fiscal year 2019-20 grew to Rs 29.8 crore from Rs 19.2 crore in the previous fiscal, translating into a growth of over 55 per cent.

The bank said its annual revenue also showed a sharp increase and crossed Rs 2,100 crore mark in FY20 from Rs 1,668 crore in the previous fiscal.

The bank attributed the growth to “higher customer acquisition in smaller cities and towns”.

“We have continued to lead digital banking in India and have constantly improved upon our own benchmark for performance. In FY20, we have registered growth across all parameters, including the number of account holders, saving account deposits, fixed deposits and transactions,” PPBL MD and CEO Satish Kumar Gupta said.