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Paytm Payments Bank posts Rs 207-mn loss in FY18; income rises to Rs 7.2 bn

Paytm Payments Bank's total income grew to Rs 7.21 billion in the financial year ended March 31, 2018

Press Trust of India  |  New Delhi 

Paytm
Paytm

registered net loss of Rs 207 million for the financial year ended March 31, 2018, according to regulatory documents.

Its total loss stood at Rs 307 million during August 22, 2016 to March 31, 2017, the documents filed with the corporate affairs ministry showed.

Paytm Payments Bank, which was incorporated in August 2016, formally began its operations in 2017.

The total income grew to Rs 7.21 billion in the financial year ended March 31, 2018 compared to Rs 24.7 million in August 22, 2016 - March 31, 2017 period, the documents sourced by business intelligence platform, Tofler showed.

Tofler said Paytm Payment Bank's total expenses for the financial year were reported as Rs 7.4 billion.

Most of the income of the bank (about Rs 6.5 billion) is earned as commission, exchange and brokerage, including that earned on wallet utilisation, it added.

"The expenditure of the bank to the tune of Rs 6.6 billion has not been clearly explained and has been clubbed as other expenditure. Most the deposits with the bank have been invested in government securities," it said.

Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by One97 Communications.

First Published: Thu, December 13 2018. 21:20 IST
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