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Fino Payments Bank Q2 net profit jumps 74%, revenue up 35%

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Newly-listed Fino Payments Bank reported a 74 per cent jump in net profit to Rs 7.89 crore in Q2FY22. The bank had posted a net profit of Rs 4.52 crore in the corresponding year-ago period. "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.

Fino Payments Bank Q2 net profit jumps 74%, revenue up 35%
New Delhi: Recently-listed Fino Payments Bank on Saturday reported a 74 per cent jump in net profit to Rs 7.89 crore in the quarter ended September 2021. The bank had posted a net profit of Rs 4.52 crore in the corresponding year-ago period.
Revenue grew by 35 per cent year-on-year (YoY) to Rs 242.15 crore on the back of an increase of 32 per cent in transaction revenue, 43 per cent in subscription income, and 35 per cent in open banking, Fino Payments Bank said in a regulatory filing. The bank completed its initial public offer (IPO) and listed its shares on November 12, 2021 on the NSE and BSE.
Current account and savings account (CASA) subscription revenue grew by 78.3 per cent on the year, while subscription yield increased to Rs 481 per account in Q2FY22 from Rs 402 per account in Q2FY21, 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.
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