Fino Payments Bank (FPB) reported a 25% year-on-year (yoy) increase in Q4 net profit to ₹22.1 crore from ₹17.6 crore in the prior-year quarter due to growth healthy bottom line and control operating costs.
Net revenue (difference between revenue and product cost) increased 18% YoY to ₹105.8 crore (₹89.5 crore in the prior-year quarter).
Operating cost rose 4 percent year-on-year to ₹62.7 crore (₹60.1 crore).
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However, other finance costs and depreciation rose 77.5 percent year-on-year to ₹20.9 crore (₹11.8 crore).
A breakdown of total revenue (of Rs 323 crore in Q4 FY23) by product mix in the reporting quarter shows that the highest revenue came from remittances (32%), followed by service of cash management/CMS (20%). , other (12 percent), business correspondent banking, Aadhaar-enabled payment system, and microATM (9 percent each).
Total deposits rose 66% year-on-year to Rs 1.2 billion at the end of March 2023 from Rs 724 crore at the end of March 2022.
The number of checking accounts, deposits in savings accounts (CASA) increased by 64% yoy to stand at 75.2 lakh at the end of March 2023 from 45.9 lakh at the end of March 2022. The average balance of CASA rose to Rs 1,216 from Rs 1,093.
Total return (from transactions) increased 27% yoy to ₹68,000 crore in the reporting quarter from ₹53,543 basis in the prior-year quarter.
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Rishi Gupta, CEO and Managing Director, said: “CASA and CMS continue to exceed our expectations and we are confident this momentum will continue. This year, we also improved our digital foundation work, with digital performance gaining traction and increasing from 16% to nearly 23% between the first quarter of FY23 and the fourth quarter of FY23.”
Meanwhile, in its business projections for FY26, FPB said it wants to increase its average CASA balance to around ₹2,000 (from ₹1,216 now), increase the number of customers from 75 lakhs to 2 crores; increase total deposits from ₹1,200 crore to around ₹3,500 crore; and expand the business base from 14 lakh to around 20 lakh.