Home / Companies / Company Results /  Fino Payments Bank posts 35.5% rise in Q3 profit

MUMBAI : Fino Payments Bank on Thursday reported a net profit of 19.1 crore in the three months through December, up 35.5% from the year-ago period.  

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.


Catch all the Corporate news and Updates on Live Mint. Download The Mint News App to get Daily Market Updates & Live Business News.
More Less
Recommended For You
Get alerts on WhatsApp
Set Preferences My ReadsWatchlistFeedbackRedeem a Gift CardLogout