Fino Payments Bank

Fino Payments Bank surged 8 per cent on the BSE to hit an over two-year high of Rs 449.95 in Thursday's intra-day trade.

Fino Payments Bank on Tuesday reported a 14 per cent growth in March quarter net profit to Rs 25.21 crore. The Navi Mumbai-headquartered bank had reported a net profit of Rs 22.08 crore in the year-ago period. Net profit for the 2023-24 financial year rose to Rs 86.22 crore from the year-ago period's Rs 65.08 crore, as per an exchange filing. Its Chief Executive and Managing Director Rishi Gupta said this is the highest profitable quarter and it has also reached the milestone of having 1 crore customers, which gives him greater confidence about the future growth. The overall revenue increased 24 per cent to Rs 401 crore during the reporting quarter on the back of a 52 per cent rise in throughput. The operating profit came at Rs 54.2 crore for the January-March period, 26 per cent higher than the year-ago period. The Fino scrip closed 1.03 per cent down at Rs 291.90 apiece on the BSE on Tuesday as against a 0.25 per cent correction on the benchmark.

On a sequential basis, the company's net profit rose 10 per cent from Rs 22.80 crore in Q3 FY24

The Mumbai-based Fino Payments Bank has appointed Anita Sudhir Pai and Neeta Mukerji as additional directors in the capacity of independent directors of the bank

Fino Payments Bank on Wednesday reported a 19 per cent rise in net profit to Rs 22.8 crore in the December quarter. The Navi Mumbai-headquartered entity had reported a net profit of Rs 19.1 crore in the year-ago period. Its overall revenues grew 18 per cent to Rs 370.2 crore from Rs 314.1 crore in the year-ago period, a statement said. The revenues in the September quarter were Rs 358.6 crore. The operating profit grew 30 per cent to Rs 50.5 crore during the quarter, largely on the back of operating costs growth being curtailed at 16 per cent. The bank saw a 36.5 per cent jump in throughput at Rs 2.55 lakh crore during the December quarter, while the number of transactions was up 74 per cent at 149.2 crore. The Fino Payments Bank scrip gained 1.3 per cent to close at Rs 331.2 apiece on the BSE on Wednesday, as against gains of 0.86 per cent on the benchmark.

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According to the guidelines, payments banks were allowed to apply for a conversion into SFB post five years of operations along with meeting other guidelines mandated by the RBI

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Fino Payments Bank on Friday reported an 85 per cent jump in net profit to Rs 19 crore for the June 2023 quarter on treasury gains. The Navi Mumbai-headquartered entity has received the board approval to apply for converting itself into a small finance bank, which will also allow it to undertake lending operations. For the reporting quarter, its total income grew to Rs 348 crore from Rs 289 crore in the year-ago period, which included a more than doubling of the income on investments at Rs 25 crore. The second payments bank to start operations reported an operating profit of Rs 23.28 crore from the treasury segment against Rs 13.38 crore in the year-ago period. At an entity level, the operating profit margin widened to 11.6 per cent from 8.2 per cent a year ago, it said. It had 14.4 lakh registered merchants and 82.9 lakh current and savings accounts as of June. The bank, which added 2.5 lakh customers per month in FY23, saw 7.7 lakh bank accounts being opened during the reportin

Fino Payments Bank is keen to become a small finance bank after having completed five years of operations, Managing Director Rishi Gupta said. The Navi Mumbai-based company is a subsidiary of Fino Paytech, which is backed by marquee investors such as Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel and LIC, among others. The company started operations in July 2017 with 410 branches to become the fourth payments bank after Airtel Payments Bank, India Post Payments Bank and Paytm Payments Bank. Fino, which was a remittance service provider, has converted most of its Fino Money Mart outlets into bank branches after getting licence from the Reserve Bank. Also, Fino is the only lender in this space being traded on the exchanges. "From regulatory and compliance perspectives we are eligible for an upgrade to a small finance bank, having completed the mandatory five years of operations. Our board also favours such a conversion and soon we'll be moving an application with the RBI in t

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Fino Payments Bank on Tuesday reported a 25 per cent increase in its post-tax net profit for the March 2023 quarter at Rs 22.08 crore. The Navi Mumbai-headquartered company had posted a post-tax net profit of Rs 17.62 crore in the year-ago period. Its total income increased to Rs 323.43 crore, up from Rs 285.29 crore in the year-ago period, and Rs 314.10 crore in the preceding December quarter. Its operating expenses rose to Rs 287 crore from Rs 263 crore in the year-ago period, the payments bank said in a statement.

Fino Payments Bank on Thursday posted a 35.5 per cent jump in its December quarter net profit at Rs 19.1 crore, aided by widening profit margins. The Navi Mumbai-based payments bank said its revenues grew 14.2 per cent to Rs 314.1 crore during the reporting quarter. The operating cost grew by just 2.5 per cent to Rs 61.9 crore, resulting in the widening of the operating profit margin to 12.4 per cent as against 9.4 per cent in the year-ago period. "Our growth and profitability led approach is yielding good dividends. The strategic focus on customer acquisition is working well," its managing director and chief executive Rishi Gupta said.

In addition to the hike in interest, the bank's customers will also get monthly interest pay-outs on their balances.

On Wednesday November 23, Capri Global Holdings Private Limited bought 1.32 million shares representing 1.59 per cent of total equity of Fino Payments Bank via open market deals.

Shares of Fino Payments Bank were locked in 20 per cent upper circuit at Rs 230.70 in Wednesday's intra-day trade

Transitioning from a business correspondent to a payments bank five years back, profit making Fino Payments Bank looks for a further upgrade to a small finance bank with internal discussions underway, bank's chief Rishi Gupta said. The bank will approach the Reserve Bank of India (RBI) for a small finance bank licence at an appropriate time, Gupta, Managing Director and Chief Executive Officer, Fino Payments Bank said. RBI guidelines stipulate that a payments bank more than five years old can apply for a licence for a small finance bank (SFB), Gupta said. "So the natural migration for Fino from a banking licence point of view will be into a small finance bank. We have started to offer credit in partnerships with other players. We are also building a large customer and merchant base, which will come handy as we decide on SFB. "Having said that, right now we are internalising it. And once we close that communication and we believe that it is the right path or approach, then we will .

Rishi Gupta, MD & CEO, Fino Payments Banks stresses for a change in regulation to allow payments banks to lend in an interaction with Manojit Saha

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