Fino Payments Bank posts 35.5% rise in Q3 profit

Its net revenue grew 16.8% year-on-year (y-o-y) to ₹100.8 crore in the December quarter of FY23 and its earnings before interest, taxes, depreciation, and amortization (Ebitda) rose 50% y-o-y in Q3 to ₹38.9 crore.  

The bank said its total deposits grew 66% y-o-y from ₹589 crore on 31 December 2021 to  ₹976 crore on 31 December 2022. Its total account base as on 31 December 2022 stood at 6.7 million of which 36% accounts were active on digital payments. 

In Q3 FY23, the bank facilitated transactions worth  ₹65,926 crore of which ₹52,500 crore were processed by its physical network alone. 

Rishi Gupta, chief executive of Fino Payments Bank said in a statement that the December quarter continues to demonstrate consistent performance amidst the prevailing macro‐economic challenges.  

“Our growth and profitability-led approach is yielding good dividends. The strategic focus on customer acquisition is working well and this in my view is a corner stone of our future success,” Gupta said. 

Going forward, Gupta said, the bank will strengthen the franchise, build on our digital and technology offerings with emphasis on partnerships for expansion and profit generation.  

Fino Payments Bank is a subsidiary of Fino Paytech, which is backed by investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others.