On May 3, Fino Payments Bank (FPB) shares gained 4% after the company reported a 25% YoY jump in its consolidated net profit at Rs 22 crore for Q4FY22-23.
Net revenue for product cost augmented by 18% to Rs 106 crore compared to Rs 90 crore a year ago. Entire income stood at Rs 323 crore, up 13% from Rs 285 crore reported in Q4FY22. Total revenue in December 2022 stood at Rs 314 crore.
Segment-wise, remittance contributed the highest revenue, making up 32%, followed by Cash Management Service (CMS) contributing 20%, others 12% and business correspondent banking, Aadhaar-enabled payment system, and micro-ATM contributing 9% each.
Total deposits stood at Rs 1,200 crore, rising 66% against Rs 724 crore as of March 2022. The number of current accounts and savings account deposits (CASA) came in 64% higher YoY at 75.2 lakhs as of March 2023 against 45.9 lakhs a year ago, with the average CASA balance increasing to Rs 1,216 against Rs 1,093.
Total transactions increased 27% to Rs 68,000 crore compared to Rs 53,543 crore in the year-ago quarter.
For its FY26 business plans, FPB aims at an average CASA balance of Rs 2,000 from Rs 1,216. It targets to grow the customers from 75 lakhs to 2 crores, total upsurge deposits from Rs 1,200 crore to about Rs 3,500 crore, and enlarge its merchant base from 14 lakhs to about 20 lakhs.
The company’s market capitalisation declined by over 20% last year but gained about 10% in the previous six months. At 10:22 am, the stock traded 3.24% higher on the NSE at Rs 224.75, while the benchmark Nifty traded 0.3% lower at 18,093.70 points.