Fino Payments Bank Q1 Results: Profit jumps 30% to Rs 24.3 crore, digital business grows 15%
Fino payments bank reported a total profit of Rs. 24.3 crores in the first quarter of this fiscal, up 30% from the last year, while the overall throughput grew 39% on year to Rs. 1,05,610 crores.
The bank's digital business saw growth of 15% for the quarter under review, from 2% a year ago. “We have been continuously investing on the digital side. We revamped the website, the android app, and also introduced an iOS app. We have also migrated from a third party application provider to an inhouse application”, said Rishi Gupta, MD & CEO of Fino Payments Bank.
Average deposits for the bank grew 37% on year, to Rs. 1,699 crore in Q1FY25 and added 8.1 lakh bank accounts during the same period, up 6% on year, laying the groundwork for a significant cross and up-selling opportunity
The payments bank had applied for a small finance bank licence with the Reserve Bank of India in January this year, but have not heard back from the regulator. “We are looking forward to a revert”, Gupta said.
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