Airtel Payments Bank, the banking arm of Bharti Airtel, on Monday reported widening of loss before taxes to Rs 338.8 crore in the financial year 2018-19.
"A subsidiary of Bharti Airtel, the New Delhi-based payments bank posted loss before taxes at Rs 272.6 crore in the last fiscal," according to the bank's filings with the Registrar of Companies (RoC) accessed on business intelligence platform Tofler.
However, the total revenue of the Sunil Bharti Mittal-backed payments bank, jumped nearly 59 per cent year-on-year (YoY) to Rs 254 crore for the year ending March 31, 2019, helped by growth in domestic remittance services. The bank's revenues stood at Rs 160 crore in the previous fiscal, as per the bank's RoC filings.
During FY19, Airtel Payments Bank's domestic remittance inflow stood at Rs 14,300 crore, as against Rs 6,600 crore in the previous fiscal.
As of March 31, 2019, Airtel Payments Bank, the first company in India to receive a payments bank license from the Reserve Bank of India (RBI), had a gross base of 1.63 crore savings account customers across 4,500 unbanked outlets and 152,541 unique transacting outlets.
A joint venture between Bharti Airtel and Kotak Mahindra Bank, the Airtel Payment Bank has over 3 crore customers with its vast network of 500,000 banking points across India.
Earlier this month, Bharti Airtel, reported the first quarterly loss in last 16 years amid a fierce competition unleashed in the Indian telecom market by Mukesh Ambani's Reliance Jio. The telecom major had posted a consolidated net loss of Rs 2,866 crore for the first quarter ended June 30, 2019, as against a net profit of Rs 97.30 crore in the corresponding period last year.
Consolidated revenue from operations rose by 5 per cent to Rs 20,737.90 crore in Q1FY20 as against Rs 19,799.20 crore in Q1FY19.
Edited by Chitranjan Kumar