Fino Payments Bank

Fino Payments Bank shares rise 4% after Sebi settlement; up 18% in 6 days

Fino Payments Bank settled proceedings with the Securities and Exchange Board of India related to alleged violations of disclosure norms under the Sebi Regulations

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RBI fines Fino Payments Bank ₹29.6 lakh for licencing rule breach

The RBI on Friday said it has imposed a penalty of Rs 29.6 lakh on Fino Payments Bank Limited for non-compliance with certain directions on 'Licensing of Payments Banks'. The Statutory Inspection for Supervisory Evaluation (ISE 2024) of the bank was conducted by the RBI with reference to its financial position as of March 31, 2024. Based on supervisory findings of non-compliance and related correspondence in that regard, the Reserve Bank said, a notice was issued to the Fino Payments Bank, advising it to show cause as to why penalty should not be imposed on it for its failure to comply with the said directions. After considering the bank's reply to the notice and oral submissions made during the personal hearing, the central bank found that the charge against the bank was sustained, warranting imposition of monetary penalty, it said. "The bank breached the regulatory ceiling of end of the day balance, as applicable for a payments bank, in certain accounts on several occasions," the

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This smallcap payments bank has zoomed 57% in 6 wks; trades below IPO price

Fino Payments Bank surged 8 per cent on the BSE to hit an over two-year high of Rs 449.95 in Thursday's intra-day trade.

Fino Payments Bank Q4 results: Profit rises to Rs 25.21 cr, revenue up 24%

Fino Payments Bank on Tuesday reported a 14 per cent growth in March quarter net profit to Rs 25.21 crore. The Navi Mumbai-headquartered bank had reported a net profit of Rs 22.08 crore in the year-ago period. Net profit for the 2023-24 financial year rose to Rs 86.22 crore from the year-ago period's Rs 65.08 crore, as per an exchange filing. Its Chief Executive and Managing Director Rishi Gupta said this is the highest profitable quarter and it has also reached the milestone of having 1 crore customers, which gives him greater confidence about the future growth. The overall revenue increased 24 per cent to Rs 401 crore during the reporting quarter on the back of a 52 per cent rise in throughput. The operating profit came at Rs 54.2 crore for the January-March period, 26 per cent higher than the year-ago period. The Fino scrip closed 1.03 per cent down at Rs 291.90 apiece on the BSE on Tuesday as against a 0.25 per cent correction on the benchmark.

Fino Payments Bank Q4 results: Net profit rises 14% to Rs 25.21 crore

On a sequential basis, the company's net profit rose 10 per cent from Rs 22.80 crore in Q3 FY24

Fino Payments Bank appoints two new independent directors on its board

The Mumbai-based Fino Payments Bank has appointed Anita Sudhir Pai and Neeta Mukerji as additional directors in the capacity of independent directors of the bank

Fino Payments Bank Q3 results: Net profit rises by 19% to Rs 22.8 cr

Fino Payments Bank on Wednesday reported a 19 per cent rise in net profit to Rs 22.8 crore in the December quarter. The Navi Mumbai-headquartered entity had reported a net profit of Rs 19.1 crore in the year-ago period. Its overall revenues grew 18 per cent to Rs 370.2 crore from Rs 314.1 crore in the year-ago period, a statement said. The revenues in the September quarter were Rs 358.6 crore. The operating profit grew 30 per cent to Rs 50.5 crore during the quarter, largely on the back of operating costs growth being curtailed at 16 per cent. The bank saw a 36.5 per cent jump in throughput at Rs 2.55 lakh crore during the December quarter, while the number of transactions was up 74 per cent at 149.2 crore. The Fino Payments Bank scrip gained 1.3 per cent to close at Rs 331.2 apiece on the BSE on Wednesday, as against gains of 0.86 per cent on the benchmark.

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Fino Payments Bank applies for SFB license after board's agreement

According to the guidelines, payments banks were allowed to apply for a conversion into SFB post five years of operations along with meeting other guidelines mandated by the RBI

Fino Payments shares recover after 'funds misappropriation' allegation

Lender says action by some employees will not impact it; conducts internal investigation

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Fino Payments Bank Q1 net profit soars 85%, gets board approval for SFB

Fino Payments Bank on Friday reported an 85 per cent jump in net profit to Rs 19 crore for the June 2023 quarter on treasury gains. The Navi Mumbai-headquartered entity has received the board approval to apply for converting itself into a small finance bank, which will also allow it to undertake lending operations. For the reporting quarter, its total income grew to Rs 348 crore from Rs 289 crore in the year-ago period, which included a more than doubling of the income on investments at Rs 25 crore. The second payments bank to start operations reported an operating profit of Rs 23.28 crore from the treasury segment against Rs 13.38 crore in the year-ago period. At an entity level, the operating profit margin widened to 11.6 per cent from 8.2 per cent a year ago, it said. It had 14.4 lakh registered merchants and 82.9 lakh current and savings accounts as of June. The bank, which added 2.5 lakh customers per month in FY23, saw 7.7 lakh bank accounts being opened during the reportin

Fino Payments looking to upgrade to small finance bank, says MD Gupta

Fino Payments Bank is keen to become a small finance bank after having completed five years of operations, Managing Director Rishi Gupta said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after Airtel Payments Bank, India Post Payments Bank and Paytm Payments Bank. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in t

Rakesh Bhartia withdraws nomination as Fino PB part time chairman

To continue as board member, RBI yet to approve for chairman

Fino Payments Bank's net profit jumps 25% to Rs 22.08 cr in March quarter

Fino Payments Bank on Tuesday reported a 25 per cent increase in its post-tax net profit for the March 2023 quarter at Rs 22.08 crore. The Navi Mumbai-headquartered company had posted a post-tax net profit of Rs 17.62 crore in the year-ago period. Its total income increased to Rs 323.43 crore, up from Rs 285.29 crore in the year-ago period, and Rs 314.10 crore in the preceding December quarter. Its operating expenses rose to Rs 287 crore from Rs 263 crore in the year-ago period, the payments bank said in a statement.

Fino Payment Bank's Q3 net profit jumps by 35% on widening margins

Fino Payments Bank on Thursday posted a 35.5 per cent jump in its December quarter net profit at Rs 19.1 crore, aided by widening profit margins. The Navi Mumbai-based payments bank said its revenues grew 14.2 per cent to Rs 314.1 crore during the reporting quarter. The operating cost grew by just 2.5 per cent to Rs 61.9 crore, resulting in the widening of the operating profit margin to 12.4 per cent as against 9.4 per cent in the year-ago period. "Our growth and profitability led approach is yielding good dividends. The strategic focus on customer acquisition is working well," its managing director and chief executive Rishi Gupta said.

Fino Payments Bank ups interest rate on savings deposit to 5%

In addition to the hike in interest, the bank's customers will also get monthly interest pay-outs on their balances.

Fino Payments zooms 36% in 2 days as Capri Global buys 1.3 mn shares

On Wednesday November 23, Capri Global Holdings Private Limited bought 1.32 million shares representing 1.59 per cent of total equity of Fino Payments Bank via open market deals.