Fino Payments Bank reports 74% jump in profit for Sept quarter

Recently listed Fino Payments Bank on Saturday reported a 74 per cent jump in its net profit to Rs 7.89 crore in the quarter ended in September 2021.

The bank had posted a net profit of Rs 4.52 crore in the year ago same period.

Revenue of the bank grew by 35 per cent year-on-year to Rs 242.15 crore on the back of a growth of 32 per cent in transaction revenue, 43 per cent in subscription income and 35 per cent in open banking, Fino Payments Bank said in a regulatory filing.

The bank completed its initial public offer (IPO) and listed its shares on November 12, 2021 on NSE and BSE.

Current account and savings account (CASA) subscription revenue grew by 78.3 per cent on the year while subscription yield increased from Rs 402 per account in Q2FY21 to Rs 481 per account in Q2FY22, it said.

"Our growth momentum in transaction volumes and throughput continues to be strong. Consumer behaviour towards convenience banking is gaining impetus," Rishi Gupta, CEO & Managing Director said.

Ketan Merchant, Chief Financial Officer said the bank's investment in technology and operating leverage is beginning to yield results.

"Alongside growth in our existing businesses, our digital journey in Fino 2.0 will help us tap a massive potential of cross sell in the near future," Merchant said.