Fino Payments Bank Reports 14% Growth In Q4 Net Profit To Rs 25.21 Crore

Fino Payments Bank on Tuesday reported a 14% growth in March quarter net profit to Rs 25.21 crore. The Navi Mumbai-headquartered bank had reported a net profit of Rs 22.08 crore in the year-ago period.

Net profit for the 2023-24 financial year rose to Rs 86.22 crore from the year-ago period's Rs 65.08 crore, as per an exchange filing.

Its Chief Executive and Managing Director Rishi Gupta said this is the highest profitable quarter and it has also reached the milestone of having 1 crore customers, which gives him greater confidence about the future growth.

The overall revenue increased 24% to Rs 401 crore during the reporting quarter on the back of a 52% rise in throughput.

The operating profit came at Rs 54.2 crore for the January-March period, 26% higher than the year-ago period.

The Fino scrip closed 1.03% down at Rs 291.90 apiece on the BSE on Tuesday as against a 0.25% correction on the benchmark.