Fino Payments Bank’s Q3 net profit up 19% to ₹22.8 crore

Fino Payments Bank reported a 19 per cent year-on-year (y-o-y) increase in third quarter net profit at ₹22.8 crore against ₹19.1 crore in the year-ago quarter.

Other income increased by about 15 per cent y-o-y to ₹331 crore (₹289 crore in the year-ago quarter).

Other income includes fees and commission earned from current account ft savings account (CASA), micro-ATMs and Aadhaar Enabled Payment System (AePS) transactions, domestic remittances, issuing of debit cards, third party products including insurance and gold loans, business correspondent banking and cash management services.

Net interest income (difference between interest earned and interest expended) jumped 50 per cent y-o-y to ₹17.56 crore (₹11.69 crore).

Net revenue (revenue – product cost) rose 21 per cent y-o-y to ₹122.2 crore (₹100.8 crore). Operating cost increased by 16 per cent y-o-y to ₹71.7 crore (₹61.9 crore).

Rishi Gupta, CEO and Managing Director said, “Q3 FY24 has been an exceptional quarter with sustained profitability. Our diligent efforts in executing the TAM (Transaction, Acquisition and Monetization.) strategy resulted in significant customer base expansion, crossing the 1 crore CASA customer mark. Furthermore, in line with our future growth plans, I am delighted to announce that we have applied for a Small Finance Bank license and our strategy is to continue being a differentiated Bank leveraging our network and digital capabilities.”

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