India Post Payments Bank on Tuesday reported its first-ever operational profit of Rs 20.16 crore for 2022-23.

The bank saw a 66.12 per cent growth in overall revenue.

IPPB saw a 17.36 per cent increase in operating costs during the fiscal, a statement said.

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“IPPB… generated an operational profit of Rs 20.16 crore during 2022-23, culminating in a year of tremendous progress for the bank,” the statement said.

The bank’s Managing Director and Chief Executive Officer J Venkatramu said initiatives like Jan Dhan Yojana, Aadhaar, and India Stack, along with a regulatory push in the domain of financial inclusion contributed heavily to its success.

“The bank’s prudent financial management, backed by regulatory support, has paved the way for exponential growth in customer base and product offerings,” he said.

Going forward, IPPB aims to transform itself into a universal service platform, bridging last-mile accessibility gaps using Digital Public Infrastructure, the statement said.

Prime Minister Narendra Modi launched IPPB on September 1, 2018.