Fino Payments Bank reports highest-ever quarterly net profit at ₹25 cr in Q4

Fino Payments Bank reported a 14 per cent year-on-year (y-o-y) increase in fourth quarter net profit at ₹25 crore against ₹22 crore in the year ago quarter on the back of healthy growth in other income and interest earned.

Other income was up 22 per cent y-o-y at ₹360 crore (₹294 crore in the year ago quarter).

Other income relates to fees and commission earned from Current Account & Savings Account (CASA), micro-ATMs and Aadhaar Enabled Payment System (AePS) transactions, domestic remittances, issuing of debit cards, third party products including insurance and gold loans, business correspondent banking and cash management Services.

Interest earned rose 41 per cent to ₹41 crore (₹29 crore). Interest expended shot up 61 per cent to ₹23 crore (₹14 crore).

Operating expenses, including employees cost and other operating expenses, increased 23 per cent to ₹353 crore (₹287 crore). Other operating expenses includes commission paid to business correspondents, interchange expenses & NPCI switching fees among others.

Deposits increased by 42.8 per cent to ₹1,714 crore as of March-end 2024.

Overall (transaction) throughput value grew by 52 per cent y-o-y to ₹1,02,796 crore in Q4FY24, the bank said in a statement.

Rishi Gupta, CEO & Managing Director, said the fourth quarter net profit was the highest ever for the bank even as it attained a key milestone of 1 crore customers.

“Our TAM (Transaction, Acquisition and Monetization) strategy is playing its part for sustainable business growth…,” he said.