Fino Payments Bank

Fino Payments Bank on Thursday posted a 35.5 per cent jump in its December quarter net profit at Rs 19.1 crore, aided by widening profit margins. The Navi Mumbai-based payments bank said its revenues grew 14.2 per cent to Rs 314.1 crore during the reporting quarter. The operating cost grew by just 2.5 per cent to Rs 61.9 crore, resulting in the widening of the operating profit margin to 12.4 per cent as against 9.4 per cent in the year-ago period. "Our growth and profitability led approach is yielding good dividends. The strategic focus on customer acquisition is working well," its managing director and chief executive Rishi Gupta said.

In addition to the hike in interest, the bank's customers will also get monthly interest pay-outs on their balances.

On Wednesday November 23, Capri Global Holdings Private Limited bought 1.32 million shares representing 1.59 per cent of total equity of Fino Payments Bank via open market deals.

Shares of Fino Payments Bank were locked in 20 per cent upper circuit at Rs 230.70 in Wednesday's intra-day trade

Transitioning from a business correspondent to a payments bank five years back, profit making Fino Payments Bank looks for a further upgrade to a small finance bank with internal discussions underway, bank's chief Rishi Gupta said. The bank will approach the Reserve Bank of India (RBI) for a small finance bank licence at an appropriate time, Gupta, Managing Director and Chief Executive Officer, Fino Payments Bank said. RBI guidelines stipulate that a payments bank more than five years old can apply for a licence for a small finance bank (SFB), Gupta said. "So the natural migration for Fino from a banking licence point of view will be into a small finance bank. We have started to offer credit in partnerships with other players. We are also building a large customer and merchant base, which will come handy as we decide on SFB. "Having said that, right now we are internalising it. And once we close that communication and we believe that it is the right path or approach, then we will .

Rishi Gupta, MD & CEO, Fino Payments Banks stresses for a change in regulation to allow payments banks to lend in an interaction with Manojit Saha

The resolution to reappoint Mahendra Kumar Chouhan and Punita Kumar-Sinha was voted down by 80% of shareholders, which included 100% of the promoter group

The resolution to reappoint Mahendra Kumar Chouhan and Punita Sinha was voted down by 80% of shareholders of Fino Payments Bank, which included 100% of the promoter group

Fino Payments Bank on Wednesday said it has received the RBI approval for commencing referral services of fixed deposit (FD) and recurring deposit (RD) on behalf of a partner bank. In its letter dated April 19, the RBI stated that Fino Bank can carry out referral services of term deposit products in the form of FD and RD as a Business Correspondent of Suryoday Small Finance Bank (SSFB). The association is the second between Fino Bank and SSFB and the first one as listed entities, the payment bank said in a statement. Earlier, Fino partnered with SSFB to offer a sweep account facility to its customers to address the Rs 1 lakh end of the day deposit limit, which was later revised to Rs 2 lakh. The FD and RD referral services will be offered to Fino Bank's over 3.9 million customers who are aspirational and need access to these products to ensure their financial needs are met, the statement said. The service is expected to go live in the second quarter of FY23.

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Its revenues rose by 20 per cent YoY to Rs 275.16 crore in Q3Fy22

Customers of Fino Payments Bank will be able to receive remittance money sent from overseas as it has been granted approval by RBI to offer the international money transfer service.

Gupta said Fino is a very differentiated payments bank compared to other fintech players in the market.

Shares of Fino Payments Bank entered the bourses on November 12, 2021. It was listed at Rs 548, a discount of 5.03% to the issue price of Rs 577

Company is only profitable payments bank and 'lot of things need to settle down first' for it to consider seeking a licence for conversion, says Rishi Gupta

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Its revenue during the reporting quarter was up by 35& YOY to Rs 242 crore from Rs 179 crore in the quarter ended September 2021

Recently listed Fino Payments Bank on Saturday reported a 74 per cent jump in its net profit to Rs 7.89 crore in the quarter ended in September 2021. The bank had posted a net profit of Rs 4.52 crore in the year ago same period. Revenue of the bank grew by 35 per cent year-on-year to Rs 242.15 crore on the back of a growth of 32 per cent in transaction revenue, 43 per cent in subscription income and 35 per cent in open banking, Fino Payments Bank said in a regulatory filing. The bank completed its initial public offer (IPO) and listed its shares on November 12, 2021 on NSE and BSE. Current account and savings account (CASA) subscription revenue grew by 78.3 per cent on the year while subscription yield increased from Rs 402 per account in Q2FY21 to Rs 481 per account in Q2FY22, it said. "Our growth momentum in transaction volumes and throughput continues to be strong. Consumer behaviour towards convenience banking is gaining impetus," Rishi Gupta, CEO & Managing Director ...

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