Fino Payments Bank's Q4 FY24 net profit up 14%

Fino Payments Bank has reported a net profit of Rs 25.2 crore for the quarter ended March 31, 2024, up 14% from Rs 22 crore reported last year.

It also reported an EBITDA growth was 26% YOY at Rs 54.2 crore in the current quarter from Rs 43.0 crore in the year-ago period.

The bank reported a  24% increase in revenue to Rs 401.3 crore in Q4 FY24 from Rs 323.4 crore in the year-ago period.

Fino Payments Bank's total expenses, including interest expended, saw a 25% jump to Rs 376 crore in Q4 FY24 from Rs 301 crore in the year-ago quarter.

"This has been the highest profitable quarter for us in the history of the Bank. This remarkable achievement coupled by the key milestone of reaching 1 crore customers gives me enhanced confidence of future growth potential. Our TAM (Transaction, Acquisition and Monetisation) strategy is playing its part for sustainable business growth," Rishi Gupta, CEO & Managing Director said.

The company said that approximately 3.2 million accounts were opened during FY24 with the payments bank.

"We are proud to announce our 17th consecutive profitable quarter, extending our consistent streak of profitability and growth. This quarter's performance reaffirms the success of our lean and digital-centric growth approach. Our growth in annuity income by 75% in FY’24, further reinforces the sustainability and growth in the business model," Ketan Merchant, Chief Financial Officer said.

In January, the payments bank applied for a small finance bank license from the Reserve Bank of India.

Fino Payments Bank's platform facilitated more than 200 crore transactions with a gross transaction value of over Rs 3.58 lakh crore in the financial year 2023‐24. The bank turned profitable in the fourth quarter of 2019‐20 and has been profitable in subsequent quarterly periods. It registered a profit of Rs 86.2 crore in 2023‐ 24. In Q424, the Bank facilitated transactions worth Rs 1,02,796 crore of which Rs 42,915 crore were processed digitally, it said in a release.