Latest News | Fino Payments Bank Q3 Net Profit Doubles to Rs 14 Cr

New Delhi, Jan 27 (PTI) Fino Payments Bank (Fino Bank) on Thursday reported a 116 per cent jump in net profit at Rs 14.1 crore for the quarter ended December 2021 on the back of healthy income.

It had posted net profit of Rs 6.52 crore in quarter ended December 2020.

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Revenue during the quarter grew by 20 per cent year-on-year to Rs 275.16 crore on the back of a 75 per cent growth in subscription income, Fino Bank said in a release.

Revenue from remittances grew 26 per cent y-o-y and 29 per cent sequentially in Q3 FY22.

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Rishi Gupta, CEO and managing director, said, "The third quarter is traditionally marked by festivities in India that leads to a surge in payment businesses like those of Fino Bank. Our consistent focus and execution excellence resulted in capitalising the festive spirit in Q3FY22."

Fino Bank said its remittance or domestic money transfer (DMT) business regained pre-COVID levels in October.

Fino Payments Bank is a fully-owned subsidiary of Fino Paytech, which is backed by marquee investors like ICICI Group, Blackstone, IFC, Intel and LIC, among others.

Stock of Fino Bank closed 0.64 per cent up at Rs 392.70 apiece on BSE.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)