Fino Payments Bank reported its highest ever quarterly net profit at Rs 17.62 crore in the fourth quarter, up 132 per cent against the year-ago quarter’s Rs 7.58 crore.
The growth in bottomline came on the back of a robust increase in net interest income and healthy growth in other income.
Net profit for FY22 jumped 109 per cent year-on-year (yoy) to Rs 42.74 crore (Rs 20.47 crore in FY21).
Net interest income (difference between interest earned and interest expended) jumped 152 per cent yoy to Rs 8.10 crore in the reporting quarter against Rs 3.21 crore in the year-ago period.
Other income was up about 21 per cent at Rs 272.58 crore (Rs 225.90 crore in Q4FY21).
Other income relates to fees and commission earned from CASA, micro-ATMs and AEPS transactions, domestic remittances, issue of debit cards, third-party products, including insurance and gold loans, business correspondent banking and cash management services.
Revenue in the reporting quarter was up 23 per cent yoy at Rs 285.29 crore (Rs 231.84 crore). Operating expenses, including employees cost and other operating expenses, rose about 19 per cent to Rs 263.06 crore (Rs 221.87 crore).
Rishi Gupta, CEO & Managing Director said, “We achieved full year profits for the second straight fiscal, reiterating the robustness and sustainability of our business model.
“We will continue our strategic focus on network expansion, customer centricity and innovative partnerships, which has given us good dividends.”