Q2 FY24 Results: Fino Payments Bank's 15th Consecutive Profitable Quarter

Mumbai: Fino Payments Bank Limited (‘Fino’ or ‘Bank’) released its results for the quarter and half year ended September 2023 (Q2’24 & H1’24). The Bank has achieved another milestone on throughput demonstrating the efficacy of its digital impetus, pathway of strong financial growth and customer engagement during this period. With every passing quarter, the Bank is progressively enhancing its sustainability and is wellpositioned to capitalize on emerging growth prospects.

Fino Payments Bank Financial Highlights for Q2’24
Throughput increased by 43% and digital throughput increased by 120%.
In Q2’24, revenue increased 18% YoY to Rs 358.6 crs.
EBITDA and PAT expanded by 51% and 42% YoY to Rs 46.2 crs and Rs 19.5 crs, respectively.
PAT margins increased to 5.4% in Q2’24 from 4.6% in Q2’23.

Fino Payments Bank Financial Highlights for H1’24
H1’24 revenue increased 19% YoY to Rs 706.9 crs.
EBITDA and PAT expanded by 60% each YoY to Rs 87 crs and Rs 38 crs, respectively.
PAT margins in H1’24 at 5.4% up from 4.0% in H1’23.

Fino Payments Bank Throughput and Transaction Highlights for H1’24 and Q2’24
Overall throughput value grew by 43% YoY to Rs 86,568 crs in Q2’24; H1’24 throughput grew 34% YoY to Rs 162,374 crs.
H1’24 was the first ever half where the total throughput crossed Rs 1.5 lakh crs.
Digital throughput grew 120% YoY to Rs 23,051 crs in Q2’24 and 108% YoY to Rs 41,402 crs in H1’24.
Digital throughput is 27% of overall throughput in Q2’24, up from 17% in Q2’23.
~37 cr UPI transactions in Q2’24; Contributed 1.25% to overall UPI ecosystem volume

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Rishi Gupta, CEO & Managing Director said, “I’m delighted to announce that our performance in the first half of FY24 is one more testimony of our commitment on consistent profitability and growth. Our strategic focus on Distribution, Data and Digital (DDD) pivoting around customer centricity for our future journey continues even in to our ambition of becoming a Small Finance Bank (SFB).

Digital impetus is an important business focus area for us and we are making significant progress in the space with 40% of our customers being digitally active during the quarter. We opened 1 lakh accounts digitally till date, 27% of throughput is digital that contributed 1.25% to the UPI ecosystem in Q2’24. We are thoroughly prepared and excited about the road ahead. We have unwavering confidence in our ability to innovate and monetize growth opportunities as we continue to build a strong and profitable organization.”

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Ketan Merchant, Chief Financial Officer said, “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 another record on throughput of Rs 1,62,000 crs. With more than 2.5 lakh accounts consistently being opened on a monthly basis, we are creating an excellent platform for our future evolution. Our focus on profitability is driving PAT margin upwards from 4% in H1’23 to 5.4% in H1’24.

We remain committed to achieve a growth rate of around 20% in revenue, aligning with our goal of enhancing digital presence through the Fino 2.0 initiative with profitability and customer centricity at the helm.” 

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