FINO Payments Bank’s shares saw a nearly 2% increase following the release of its first-quarter results for the fiscal year. The bank reported significant growth in profit and throughput, reflecting its robust performance.
Key Financial Highlights
- Net Profit: ₹24.3 crore, up 30% from the previous year.
- Total Throughput: ₹1,05,610 crore, marking a 39% increase year-over-year.
- Average Deposits: Grew 37% to ₹1,699 crore.
- New Bank Accounts: Added 8.1 lakh accounts, a 6% increase from the previous year.
Digital Business Growth
- Digital Business Growth: Increased by 15% this quarter, up from 2% a year ago.
- Investments: The bank has made substantial investments in digital enhancements, including:
- Revamped website.
- Updated Android and newly introduced iOS apps.
- Migration from a third-party application provider to an in-house application.
Market Performance
- Shares Trading: As of 9:56 AM, shares were trading 1.23% higher at ₹324.05 on the NSE.
TOPICS:
Fino Payments Bank