Fino Payments Bank Q4: Net Profit Rises 14% YoY To INR 25.21 Cr

Fino Payments Bank on Tuesday (April 30) reported an over 14% increase in its net profit for the quarter ended March 31, 2024 (Q4 FY24) at INR 25.21 Cr from INR 22.08 Cr in the year-ago quarter.

Profit during the quarter under review grew over 10% from INR 22.80 Cr in Q3 FY24.

The payments bank’s total income zoomed 24% to INR 401.30 Cr in Q4 FY24 from INR 323.43 Cr in the year-ago period. Sequentially, total income jumped 8% from INR 370.20 Cr.

Earnings before interest, tax, depreciation and amortisation (EBITDA) rose 26% year-on-year (YoY) to INR 54.2 Cr during the quarter under review, while EBITDA margin expanded to 13.5% from 13.3% in Q3 FY24. However, it contracted quarter-on-quarter (QoQ) from 13.6%.

The bank said it opened nearly 80,000 accounts digitally in the quarter ended March 2024 and facilitated 48 Cr UPI transactions.

For the full FY24, Fino Payments Bank’s net profit jumped 32% to INR 86.22 Cr from INR 65.08 Cr in FY23.

The payments bank said it opened about 32 Lakh new accounts in FY24, which would provide it cross and upselling opportunities. Its customer base now stands at 1.1 Cr, of which over 3 Lakh accounts were opened digitally. 

Meanwhile, the number of CASA accounts zoomed 41% to 1.1 Cr at the end of FY24 from 78 Lakh a year ago.

Commenting on the financial performance during the quarter and the year ended March 2024, Fino Payments Bank CEO and MD Rishi Gupta said, “This has been the highest profitable quarter for us in the history of the bank. This remarkable achievement coupled by the key milestone of reaching 1 Cr customers gives me enhanced confidence of future growth potential.”

Shares of the payments bank ended today’s trading session 1.68% lower at INR 290 on the BSE.