Fino Payments Bank Profit Jumps 14% to Rs 25.21 Cr in Q4
Apr 30, 2024 20:58
Fino Payments Bank reported a 14% rise in Q4 profit to Rs 25.21 crore, driven by strong revenue growth and increased customer base. The bank also achieved the milestone of 1 crore customers.
Mumbai, Apr 30 (PTI) Fino Payments Bank on Tuesday reported a 14 per cent growth in March quarter net profit to Rs 25.21 crore.
The Navi Mumbai-headquartered bank had reported a net profit of Rs 22.08 crore in the year-ago period.
Net profit for the 2023-24 financial year rose to Rs 86.22 crore from the year-ago period's Rs 65.08 crore, as per an exchange filing.
Its Chief Executive and Managing Director Rishi Gupta said this is the highest profitable quarter and it has also reached the milestone of having 1 crore customers, which gives him greater confidence about the future growth.
The overall revenue increased 24 per cent to Rs 401 crore during the reporting quarter on the back of a 52 per cent rise in throughput.
The operating profit came at Rs 54.2 crore for the January-March period, 26 per cent higher than the year-ago period.
The Fino scrip closed 1.03 per cent down at Rs 291.90 apiece on the BSE on Tuesday as against a 0.25 per cent correction on the benchmark.
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