India Post Payments Bank has turned profitable in 2022-23 and plans to double its income in 2023-24. The payments bank earned an income of Rs 760 crore in FY23 against Rs 461.2 crore in FY22 with a net profit of Rs 20 crore against a loss of Rs 160 crore in FY22.
The bank has set its sights on doubling its income and seeks to partner with more banks to sell loans, managing director J. Venkatramu told Reuters. “We aim to sustain our profitability at the same level in FY24,” he said.
According to government disclosure in the Lok Sabha on August 14, IPPB had a reach of 1.44 lakh access points and 1.9 lakh postmen and Gramin Dak Sevaks. A total of 632 districts are covered by IPPB and the bank’s total customer base in FY23 stood at 1.37 crore, up from 95 lakh in FY22.
The payments bank, which cannot lend on its own, is focussing on expanding partnerships with lenders to expand credit facilities in rural India through its wide network and reach, he said.
