Fino Payments Bank posted a net profit of ₹19.1 crore for the three months ending December, increasing 35.5% over the previous year.
Its net sales increased 16.8% year on year (y-o-y) to ₹100.8 crore in the December quarter of FY23, while earnings before interest, taxes, depreciation, and amortisation (Ebitda) increased 50% year on year (y-o-y) to ₹38.9 crore.
The bank reported that total deposits increased 66% year on year, from ₹589 crore on December 31, 2021 to ₹976 crore on December 31, 2022. It has 6.7 million total accounts as of December 31, 2022, with 36% of them engaged on digital payments.
The bank enabled transactions totaling ₹65,926 crore in Q3 FY23, with its physical network alone processing ₹52,500 crore.
According to Rishi Gupta, CEO of Fino Payments Bank, the December quarter continued to display continuous success despite the current macroeconomic problems.
“Our growth and profitability-led approach is yielding good dividends. The strategic focus on customer acquisition is working well and this in my view is a corner stone of our future success,” Gupta said.
Gupta stated that the bank will enhance its franchise, expand its digital and technology products, and focus on partnerships for growth and profit generation in the future.
Fino Payments Bank is a subsidiary of Fino Paytech, which is supported by a number of investors including Bharat Petroleum, ICICI Group, Blackstone, IFC, Intel, and LIC.