Fino Payments Bank posted a profit after tax (PAT) of INR 24.27 Cr in Q1 FY25, up 29.7% YoY
Total revenue jumped 25.4% to INR 436.86 Cr during the quarter under review from INR 348.31 Cr in Q1 FY24
The company’s EBITDA during the June quarter of FY25 stood at INR 53.2 Cr, up 31.4% YoY
Fino Payments Bank posted a profit after tax (PAT) of INR 24.27 Cr for the quarter ended June 30, 2024 (Q1 FY25), up 29.7% from INR 18.7 Cr in the year-ago period.
However, the payments bank’s PAT declined 3.7% quarter-on-quarter (QoQ) in Q1 FY25 from INR 25.21 Cr in Q4 FY25.
Revenue from operations jumped 25.4% to INR 436.86 Cr during the quarter under review from INR 348.31 Cr in Q1 FY24. On a QoQ basis, operating revenue was up 8.8%.
Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 31.4% to INR 53.2 Cr from INR 40.5 Cr in Q1 FY24. However, it contracted 1.8% QoQ from INR 54.2 Cr in Q4 FY24.
The company said it opened more than 68,000 digital accounts in the reported quarter and facilitated 57 Cr UPI transactions.
The current account savings account (CASA) segment contributed INR 93.6 Cr to Fino’s net income in Q1 FY25.
Meanwhile, the payments bank earned INR 66.8 Cr from its digital payment services vertical during the period under review.
The domestic money transfer (DMT) segment turned out to be the biggest money maker for the payments bank, adding INR 112.5 Cr to its top line.
During the June quarter of FY25, Fino Payments Bank saw its merchant network rise 25% YoY to 18.1 Lakh. Meanwhile, average deposits surged 37% YoY to INR 1,699 Cr in Q1 FY25.
Ahead of the earnings announcement, shares of Fino Payments Bank closed 1.3% higher at INR 321.6 apiece on the BSE on Wednesday (July 31).
Commenting on the Q1 results, Rishi Gupta, CEO and managing director of Fino Payments Bank, said, “Our new vertical ‘digital payment services’ is growing on a profitable basis and giving the necessary impetus to our TAM (transaction, acquisition and monetisation) strategy..”
Going forward, the payments bank will focus on moving up the customer value chain, diversification and innovation, Gupta added.
