Paytm Payments Bank posts profit of Rs 19 cr in FY19

New Delhi: 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.

Satish Kumar Gupta, MD and CEO of Paytm Payments Bank said the bank performed "exceptionally well" in the last year. Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by One97 Communications.