Money & Banking

Paytm Payments Bank posts net profit of ₹30 crore in FY20

?OUR BUREAU Mumbai | Updated on June 09, 2020

Paytm Payments Bank remained profitable for the second consecutive year in FY20 with a net profit of ₹29.8 crore. Its net profit amounted to ₹19.2 crore in FY19.

“This has been largely led by its higher customer acquisition in smaller cities and towns to drive financial inclusion in the country. The annual revenue has also shown a sharp increase in the fiscal year and has crossed ₹2,100 crore,” it said in a statement on Tuesday.

The bank has facilitated more than 485 crore transactions worth ₹4.6 lakh crore. Domestic money transfers accounted for nearly ₹29,000 crore. The CASA base has increased to over 5.8 crore, and has helped it to double the deposits in savings accounts to over ₹1,000 crore.

Satish Kumar Gupta, Managing Director and CEO, Paytm Payments Bank, said: “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.”

The bank has also announced the launch of its cheque book facility for all account holders. It had recently also introduced Direct Benefit Transfer (DBT) facility for its customers.

Published on June 09, 2020

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