You are here: Home » Companies » Results
Business Standard

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

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

Topics
Fino Payments Bank | Q2 results

Press Trust of India  |  New Delhi 

fintech, digital lending, loans, payments, online

Recently listed 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, 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

"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.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

Dear Reader,


Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Sat, November 13 2021. 18:11 IST
RECOMMENDED FOR YOU
.