Fino Payments Bank net profit up 74 per cent in Q2

Shares of Fino Payments Bank made their debut on the stock market on Friday, November 12, listing at a discount of more than 5%. 544 per share compared to its IPO issue price on NSE 577 per. On BSE, Fino Payments Bank share price started trading 548 per share on its listing.

Fino Payments Bank IPO subscribed 2.03x, opened on 29 October and closed on 1 November Bids were received for 2,32,46,150 shares in the issue of 1,200.3 crore, while there were 1,14,64,664 shares on offer.

Bank’s revenue up 35% year-on-year 242.15 crore on the back of 32% growth in transaction revenue, 43% in subscription income and 35% growth in Open Banking.

Current account and savings account (CASA) subscription revenue grew 78.3% year-on-year, while subscription revenue grew by Q2FY21 to . per account in 402 481 per account in Q2FY22.

Rishi Gupta, CEO and Managing Director said, “Our growth momentum in transaction volume and throughput remains strong. Consumer behavior towards convenience banking is gaining momentum.”

Ketan Merchant, Chief Financial Officer, said the bank’s investments in technology and operational leverage are starting to show results.

“Along with the growth in our existing businesses, our digital journey in Fino 2.0 will help us harness the vast potential of cross sell in the near future,” Merchant said.

Fino Payments Bank or FPBL is a scheduled commercial bank serving the emerging Indian market with its digital-based financial services. The company is a wholly owned subsidiary of Fino Petec, a leader in technology-enabled financial inclusion solutions. It is backed by investors such as Blackstone, ICICI Group, Bharat Petroleum and International Finance Corporation (IFC).

Fino Payments Bank has created a pan India presence with 724,671 merchants (Own and API) as on 30th June, 2021 which are generally located in Tier-2 and Tier-3 cities.

Shares of Fino Payments Bank closed down 5.74% on Friday 543 on NSE.