Fino Payments Bank reported over three fold increase in first quarter net profit at ₹10.10 crore against ₹3.13 crore in the year ago quarter on the back of significant jump in income on investments and healthy growth in other income.

However, the net profit in the reporting quarter was down vis-a-vis preceding quarter’s ₹17.62 crore.

In the reporting quarter, income on investments shot up 129 per cent year-on-year (yoy) to ₹10.63 crore (₹ 4.64 core in the year ago period).

Other income

Other income (comprising fees and commission earned from CASA, micro-ATMs ad AePS transactions, domestic remittances, issuing of debit cards, third party product including insurance and gold loans, Business Correspondent Banking and cash management services) was up 35 per cent yoy at ₹270.32crore (₹200.18 crore).

Interest expended jumped 151 per cent yoy to ₹7.69 crore (₹3.06 crore).

Total deposits went up by 131 per cent yoy from ₹251.25 crore as on 30th June 2021 to ₹581.53 cr as on 30th June 2022.

The Bank, in a statement said, average account balances went up from ₹866 in Q1FY22 to ₹1,116, a growth of 29 per cent yoy.

Capital adequacy ratio stood at 106.02 per cent as at June-end 2022 against 125.60 per cent as at March-end 2022.

Quarter profit

Rishi Gupta, CEO & Managing Director, said: “The quarter ended marked the tenth straight quarter profit. And with it half of our five year existence as a payments bank has been profitable.”

Meanwhile, the Bank’s Board of Directors approved the re‐appointment of Gupta as Managing Director and Chief Executive Officer of the Bank for a period of 3 years, commencing from May 02, 2023 to May 01, 2026.

The re-appointment is subject to approval of the Reserve Bank of India and the shareholders.