Fino Payments Bank's Q3 Profit Almost Flat At INR 23 Cr

SUMMARY

Fino Payments Bank’s profit jumped 9% from INR 21.15 Cr in Q2 FY25

Total income for the quarter stood at INR 461.34 Cr, constituting an interest income of INR 49.35 Cr and an other income of INR 411.99 Cr

Total expenditure for the quarter stood at INR 432.89 Cr, up 1% quarter-on-quarter and 25% year-on-year

Fino Payments Bank posted a net profit of INR 23.11 Cr in the third quarter of fiscal year 2024-25 (Q3 FY25), up 1.3% from INR 22.80 Cr in the same quarter last year.

The profit growth was muted due to a tax outgo of INR 5.34 Cr during the quarter under review. The company had no tax expense in the year-ago quarter, while it stood at INR 4.78 Cr in Q2 FY25.

Sequentially, profit jumped 9% from INR 21.15 Cr.

The company’s total income in Q3 stood at INR 461.34 Cr, and comprised an interest income of INR 49.35 Cr and other income of INR 411.99 Cr. Total income increased 24.6% from INR 370.20 Cr in Q3 FY24 and 13.2% from INR 407.66 Cr in Q2 FY25.

The biggest contributor in Fino’s revenue stream was CASA (Current Account Savings Account), which brought in INR 111.6 Cr in the quarter with a margin of 50%. Meanwhile, revenue from Fino’s digital payment services, its UPI payments stack, grew 4X in the quarter to INR 109.7 Cr.

Total expenditure for the quarter stood at INR 432.89 Cr, up 1% quarter-on-quarter (QoQ) and 25% year-on-year (YoY).

In a statement, the company said that Q3 was its best quarter till date and its strongest nine-month performance as the bank achieved “new heights and expanded capabilities”. Its EBITDA rose 19% YoY to INR 60.2 Cr in the quarter.

Fino said its total customer base increased 33% YoY to 1.34 Cr at the end of the December 2024 quarter. Further, it said it opened 8.3 Lakh new bank accounts during the quarter. The bank processed a total throughput of INR 117.8K Cr in the quarter, up 26% YoY.

In this, digital throughput value for Fino grew 54% YoY to INR 59K Cr in the quarter. On the back of this, its digital business accounted for 24% of its revenue as against 8% in the same quarter last year.

“India is rapidly moving towards the digital economy, and we remain at the forefront of this transformation. With more and more customers becoming digitally active (about 48 Lakh as on December 31, 2024) and with more partner accretions on B2B, we will continue to invest in technology and risk management to build a robust digital ecosystem,” Fino’s managing director Rishi Gupta said.

The company also announced the appointment of Yes Bank’s national head – HR technology as its new head-HR and CSR effective March 1, 2025.

Shares of Fino Payments Bank ended the day 5.21% higher at INR 288 on the BSE.