Fino Payments Bank has reported an increase in profit after tax (PAT) margins to 5.4 per cent in Q2 FY24 from 4.6 per cent in Q2 FY23.
In Q2 FY24, revenue has increased by 18 per cent year-on-year(YoY) to Rs 358.6 crore.
Overall, the throughput value of Fino Payments bank has grown by 43 per cent YoY to Rs 86,568 crore in Q2 FY24 and H1 FY24 throughput has grown 34 per cent YoY to Rs 1,62,374 crore.
Earnings before interest, taxes, depreciation, and amortisation (EBITDA) and PAT expanded by 51 per cent and 42 per cent YoY to Rs 46.2 crore and Rs 19.5 crore, respectively.
H1 FY 24 revenue has increased to 19 per cent YoY to Rs 706.9 crore.
Overall throughput value has grown by 43 per cent YoY to Rs 86,568 crore in Q2 FY24 and H1 FY24 throughput has grown by 34 per cent YoY to Rs 1,62,374 crore.
According to the statement, H1 FY24 was the first-ever half where the total throughput crossed Rs 1.5 lakh crore.
There have been 37 crore UPI transactions in Q2 FY24, contributing 1.25 per cent to the overall UPI ecosystem volume.
Overall throughput value has grown by 43 per cent YoY to Rs 86,568 crore in Q2 FY24, H1 FY24 throughput has grown to Rs 34 per cent YoY to Rs 1,62,374 crore.
Digital throughput has grown 120 per cent YoY to Rs 23,051 crore in Q2 FY24 and 108 per cent YoY to Rs 41,402 crore in H1 FY24.
The number of registered merchants climbed by 23.4 per cent YoY to 15.1 lakh, deepening penetration and Fino’s distribution reach. 15.4 lakh bank accounts were opened during H1 FY24, up 12 per cent YoY. Total number of CASA accounts ending H1 FY24 has stood at 90.6 lakhs.
Revenue from CASA and CMS is 30 per cent of total revenue in Q2 FY24 (26 per cent in Q2 FY23).
Average deposits have grown 53 per cent YoY from Rs 830 crore in Q2 FY23 to Rs 1,267 crore in Q2 FY24.
“Our strategic focus on Distribution, Data and Digital (DDD) pivoting around customer centricity for our future journey continues even into our ambition of becoming a Small Finance Bank (SFB),” said Rishi Gupta, CEO & Managing Director.
“Our performance in the first half of the fiscal has been in line with our expectations wherein on the back of digital push we have registered throughput of Rs 1,62,000 crore. With more than 2.5 lakh accounts consistently being opened on a monthly basis, we are creating a platform for our future evolution. Our focus on profitability is driving PAT margin upwards from 4 per cent iin H1 FY23 to 5.4 per cent in H1 FY24,” said Ketan Merchant, Chief Financial Officer.