Paytm Payment bank turns profitable: Reports net profit of Rs 19 crore in FY19
Posted on 23rd May 2019 |
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| 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 a 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. “(PPB) has been able to close the year on a high note, making us the first Payments bank in the country to announce profit, that too within two years of its operations… as of April 2019, we have more than Rs 500 crore deposits in our savings account, which makes us the largest payments bank in India in terms of deposits,” he said. Gupta said the bank aims to introduce more products and features on its platform to increase the monthly processing of savings account payments from Rs 24,000 crore to Rs 40,000 crore in FY’20. 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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Bharti Airtel defers Q2 results till Nov 14 over ambiguity on AGR verdict
Posted on 29th October 2019 |
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Bharti Airtel said on Tuesday it has postponed its second-quarter earnings report to mid-November, as the wireless operator sought clarity on the court ruling asking telecom firms to cough up overdue payments to the government.
Shares of the company, which was expected to release its quarterly numbers later in the day, dropped 3.3 per cent in early trade. |
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Rupee slips 8 paise vs US dollar in early trade amid drop in oil prices
Posted on 7th October 2019 |
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The rupee on Monday opened eight paise lower at 70.96 against the US dollar amid drop in crude oil prices and rise in Asian equities. The domestic unit on Friday closed almost flat at 70.88 against after the Reserve Bank of India (RBI) in a widely expected move cut key interest rates by 0.25 percentage point. On a weekly basis, the local unit slumped by 32 paise. |
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LIC pips private insurers in first-year premium growth during April-August
Posted on 13th September 2019 |
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In the first five months of the current financial year, first-year premiums of life insurance companies grew by 39.84% (year-on-year) at Rs 1.05 lakh crore as compared to Rs 75,588.35 crore in April-August of 2018-19. Life Insurance Corporation of India (LIC) continued to grow at a faster pace compared to private insurance players, shows the data from the Insurance Regulatory and Development Authority of India (Irdai). |
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Apollo Hospitals rules out further stake sale
Posted on 13th September 2019 |
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Apollo Hospitals Enterprise (AHEL) has ruled out further dilution of promoters’ stake in the company. The company also said its Rs 1,337-crore stake sale of Apollo Munich Health Insurance with mortgage major HDFC will be concluded by October. Following these stake sales, the promoters’ pledged position will come down from a high of 76% to 54% by October and eventually to 20% by November or December, company sources said here. |
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World trusts India on Kashmir, not us: Pakistan minister Ijaz Ahmed Shah
Posted on 13th September 2019 |
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In a major embarrassment for Pakistan and its Prime Minister Imran Khan, the country's Interior Minister Ijaz Ahmed Shah, a retired brigadier, said the international community didn't believe Pakistan's narrative on Kashmir; instead it is India whose version is trusted. |
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