Fino Payments Bank’s profit after tax rose 17% from INR 19.5 Cr in Q2 FY24
Revenue increased 18% YoY and 3% QoQ to INR 370.2 Cr in Q3 FY24 from INR 314.1 Cr in Q3 FY23
Total expenditure grew 18% to INR 347 Cr in Q3 FY24 from INR 295 Cr in the year-ago period
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Fino Payments Bank’s consolidated profit after tax (PAT) jumped 19% year-on-year (YoY) to INR 22.8 Cr in the third quarter (Q3) of the financial year 2023-24 (FY24) on the back of strong growth in transactions and user base. The payments bank had reported a PAT of INR 19.1 Cr in Q3 FY23.
Sequentially, the company’s net profit increased 17% from INR 19.5 Cr.
The payments bank’s revenue increased 18% to INR 370.2 Cr in Q3 FY24 from INR 314.1 Cr in Q3 FY23. On a quarter-on-quarter (QoQ) basis, it rose 3% from INR 358.6 Cr in Q2 FY24.
Meanwhile, expenses continued to rise, largely on the back of ‘other operating expenses’. Fino Payments Bank’s total expenditure grew 18% to INR 347 Cr in Q3 FY24 from INR 295 Cr in the year-ago period.
The payment bank’s digital throughput grew 184% YoY to INR 38,187 Cr during the quarter under review and accounted for 41% of the overall throughput in the quarter. The bank said it witnessed 43 Cr UPI transactions in the quarter.
The number of registered merchants increased by 30.3% YoY to over 16.9 Lakh.
“Q3 FY24 has been an exceptional quarter with sustained profitability. Our diligent efforts in executing the TAM strategy resulted in significant customer base expansion, crossing the 1 Cr CASA customer mark,” Rishi Gupta, CEO and managing director of Fino Payments Bank, said.
“We are confident that our strategic investments in human capital, network expansion, technology and digital initiatives will keep us in good stead as we prepare for transition. Importantly, we will be ahead of the curve in our zeal to further evolve new initiatives on payments and liability products in the mid-term and a strategic sustainable model of asset light bank in the long run,” Gupta said.
Earlier this month, Fino Payments Bank said it has applied for a small finance bank (SFB) licence with the Reserve Bank of India (RBI).
Shares of the bank ended Wednesday’s trading session 1.30% higher at INR 331.20 on the BSE.
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