Paytm Payments Bank Posts Net Loss of Over Rs 20 Crore
Paytm Payments Bank registered net loss of Rs 20.7 crore for the fiscal ended March 31, 2018, according to regulatory documents.
Its total loss stood at Rs 30.7 crore 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 721.9 crore in financial year ended March 31, 2018 compared to Rs 2.47 crore 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 fiscal were reported as Rs 740 crore.
Most of the income of the bank (about Rs 650 crore) is earned as commission, exchange and brokerage, including that earned on wallet utilisation, it added.
