Comments
Fino Payments Bank’s second quarter net profit rose 41.5 per cent year-on-year (y-o-y) to ₹19.5 crore against ₹13.8 crore as net revenue grew faster than operating cost.
Net revenue (difference between revenue and product cost) rose 26 per cent y-o-y to ₹118 crore ( ₹94 crore in the year-ago quarter).
Operating cost was up about 14 per cent y-o-y to ₹72 crore (₹63 crore).
Operating Profit before provisions and contingencies (difference between Total lncome, comprising interest income and other income, and Total Expenditure, comprising interest expended and operating expenses) rose about 43 per cent y-o-y to ₹20 crore against ₹14 crore.
Rishi Gupta, CEO & Managing Director said, “Our strategic focus on Distribution, Data and Digital (DDD) pivoting around customer centricity for our future journey continues even in to our ambition of becoming a Small Finance Bank (SFB).”
Average deposits grew 53 per cent y-o-y from ₹830 crore in Q2FY23 to ₹ 1,267crs in Q2FY24.
A break-up of the product revenue mix shows that remittance accounted for 30 per cent of the revenue of ₹359 crore, followed by current account, savings account (21 per cent), Treasury & Others (11 per cent), BC Banking and CMS (9 per cent each), among others.
Comments
COMMENT NOW
Comments
Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.
We have migrated to a new commenting platform. If you are already a registered user of TheHindu Businessline and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.