Fino Q2 net grows 41.5 pc to Rs 19.5 cr

Fino Payments Bank on Wednesday reported a 41.5 per cent jump in its September quarter profit at Rs 19.5 crore.

The Navi Mumbai-headquartered entity had reported a net profit of Rs 13.8 crore in the year-ago period.

Its revenue for the reporting quarter increased 18.2 per cent to Rs 358.6 crore from Rs 303.3 crore in the year-ago period, and the quarter-ago period's Rs 348.3 crore.

Its operating profit margin widened to 12.9 per cent from 10.1 per cent in the July-September 2022 period, which resulted in higher profit growth.

"Our strategic focus on distribution, data and digital (DDD) pivoting around customer centricity for our future journey continues even into our ambition of becoming a Small Finance Bank (SFB)," its managing director and chief executive Rishi Gupta said.

Chief financial officer Ketan Merchant said it has been able to maintain the monthly new account opening rate at 2.5 lakh, and added that it is targeting a 20 per cent jump in revenues in FY24.

Fino shares closed 2.21 per cent up at Rs 305.30 apiece on the BSE on Wednesday, as against a 0.44 per cent correction on the benchmark.