Fino Payments Bank showcased robust financial performance in the second quarter (Q2) of the financial year 2023-24 (FY24), reporting a consolidated profit after tax (PAT) of INR 19.5 Cr. This marked an impressive 41.5% year-on-year (YoY) increase, attributed to strong growth in transactions and an expanding user base. In comparison, the bank had reported a PAT of INR 13.8 Cr in Q2 FY23.
Sequentially, Fino Payments Bank’s net profit saw a moderate 4.3% increase, rising from INR 18.7 Cr in the previous quarter.
The bank’s revenue also experienced a notable uptick, climbing by 18.2% to reach INR 358.6 Cr in Q2 FY24, up from INR 303.3 Cr in Q2 FY23. On a quarter-on-quarter (QoQ) basis, revenue witnessed a nearly 3% rise from INR 348.3 Cr in Q1 FY24.
However, the bank faced challenges as expenses continued to rise, primarily due to increased ‘other operating expenses’. Fino Payments Bank’s total expenditure, excluding provisions and contingencies, grew by 16.9% to INR 338.50 Cr in Q2 FY24, compared to INR 289.5 Cr in the corresponding period of the previous year.
Despite these financial dynamics, at 12:58 pm, Fino Payments Bank’s shares experienced a 2.40% decrease, trading at ₹297.00, reflecting the complexities of the market despite the bank’s overall positive performance.
