Paytm Payments Bank Reports Loss of Rs 20 Cr at Rs 720 Cr Revenue
Paytm Payments Bank registered net loss of Rs 20.7 crore for the fiscal ended 31 March 2018
Paytm Payments Bank registered net loss of Rs 20.7 crore for the fiscal ended 31 March 2018, according to regulatory documents.
Its total loss stood at Rs 30.7 crore during 22 August 2016 to 31 March 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 31 March 2018 compared to Rs 2.47 crore in 22 August 2016 - 31 March 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.
“The expenditure of the bank to the tune of Rs 660 crores has not been clearly explained and has been clubbed as other expenditure. Most the deposits with the bank have been invested in government securities.”Tofler, Business intelligence platform
Paytm Founder Vijay Shekhar Sharma holds 51 per cent share in Paytm Payments Bank, while the rest is held by One97 Communications.
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