FINO Payments Bank Q2FY24 net up 41.5% at ₹19.5 cr

Fino Payments Bank’s second quarter net profit rose 41.5 per cent year-on-year (y-o-y) to ₹19.5 crore against ₹13.8 crore as net revenue grew faster than operating cost.

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Net revenue (difference between revenue and product cost) rose 26 per cent y-o-y to ₹118 crore ( ₹94 crore in the year-ago quarter).

Operating cost was up about 14 per cent y-o-y to ₹72 crore (₹63 crore).

Operating Profit before provisions and contingencies (difference between Total lncome, comprising interest income and other income, and Total Expenditure, comprising interest expended and operating expenses) rose about 43 per cent y-o-y to ₹20 crore against ₹14 crore.

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Rishi Gupta, CEO & Managing Director said, “Our strategic focus on Distribution, Data and Digital (DDD) pivoting around customer centricity for our future journey continues even in to our ambition of becoming a Small Finance Bank (SFB).”

Average deposits grew 53 per cent y-o-y from ₹830 crore in Q2FY23 to ₹ 1,267crs in Q2FY24.

A break-up of the product revenue mix shows that remittance accounted for 30 per cent of the revenue of ₹359 crore, followed by current account, savings account (21 per cent), Treasury & Others (11 per cent), BC Banking and CMS (9 per cent each), among others.