Fino Payments Bank Q4 FY23 net rises 25% to ₹22 crore
Fino Payments Bank (FPB) announced a 25 percent year-on-year increase in Fourth quarter net profit At a price of Rs 22.1 crore As against ₹ 17.6 crore in the last year’s quarter On the back of healthy growth in net revenue and strict control of operating cost.
Net revenue (the difference between revenue and product cost) increased by 18 per cent YoY at Rs.105.8 crore (Rs.89.5 crore in the year-ago quarter).
Operating cost increased by 4 per cent year-on-year to Rs.62.7 crore (Rs.60.1 crore).
However, other financing and depreciation cost increased by 77.5 per cent year-on-year to Rs.20.9 crore (Rs.11.8 crore).
Breaking down total revenue (Rs. 323 crore in Q4FY23) by product mix in the reporting quarter shows that the highest revenue came from remittances (32 per cent), followed by cash management service/CMS (20 per cent), and other banks ( 12 percent), business correspondent banking, an Aadhaar-enabled payment system, and a small ATM (9 percent each).
Total deposits increased by 66 per cent year-on-year to stand at ₹1,200 crore at the end of March 2023 as against ₹724 crore at the end of March 2022.
the number of Current accounts, deposits and savings accounts (CASA) increased by 64 per cent YoY to stand at 75.2 lakh as of end of March 2023 from 45.9 lakh as of end of March 2022. Average CASA balance increased to $1,216 as against Rs 1,093.
Total productivity (from transactions) increased by 27 per cent year-on-year to ₹68,000 crore in the report quarter as against ₹53,543 core in the year-ago quarter.
Also read: RBI net profit for Q4 FY23 increased by 84% to SEK 571
Rishi Gupta, CEO and Managing Director He said, “CASA and CMS continue to exceed our expectations and we are very confident that momentum will continue. This year, we also strengthened our digital core business, and digital productivity gained momentum and increased from 16 percent to nearly 23 percent between Q1 FY23 and the fourth quarter of fiscal year ’23”.
Meanwhile, in its business outlook for FY26, FPB said it wants to increase average CASA balance to around Rs 2,000 (from Rs 1,216 now), and increase customer numbers from 75,000 to Rs 2 crore; Increasing total deposits from Rs. 1,200 crore to around Rs. 3,500 crore; and expanding the dealer base from 14 lakh to around 20 lakh.