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Fino Payments Bank Results: Latest Quarterly Results & Analysis

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Fino Payments Bank Ltd. 30 Oct 2025 12:19 PM
Result PDF

Q2FY26 Quarterly Result Announced for Fino Payments Bank Ltd.

Microfinance Institution Fino Payments Bank announced Q2FY26 results

  • Q2FY26 - Total throughput increased 7% YoY to Rs 1,14,574 crore. Digital throughput at Rs 62,771 crore, up 32% YoY.
  • PBT dropped by 14% QoQ for Q2FY26 on account of momentarily slow-down in digital business. In H2FY26 the digital payment turnover is expected to gain enhanced momentum over H1FY26.
  • Change of product mix leaning towards higher margin products resulted in Margin expanding by 5.75% YoY to 37.1%.
  • Operational efficiency led to improvement in EBITDA margin by 2.8% YoY to 15.4%.
  • Digital Adoption:
    • Daily UPI transactions grew by 33% YoY, ~1 crore in Q2FY26.
    • In September ’25, more than 57 lakh customers were digitally active compared to 45 lakh in September ‘24.
  • Traditional Business:
    • Traditional Business (DMT AePS MATM) saw ~46% YoY decline in revenue, post the Nov’24 regulatory changes specifically in the direct money transfer business.
    • Bank continues to focus on “OFF US” to “ON US” conversion to ensure long term sustainability of the business model.
  • Ownership Business:
    • Bank’s CASA accounts reached ~1.6 crore, adding over 9.1 lakh accounts in the quarter and 15.9 lakh accounts for the first half year.
    • In Q2FY26, 9,893 accounts were opened per day, an increase of 11% YoY.
    • For Q2FY26, renewal income increased 36% YoY to Rs 62 crore and for H1FY26, it jumped by 37% to Rs 118 crore, reflecting strong trust in the product and services.
    • Average deposits were up by 36% YoY to Rs 2,306 crore with 1.9% Cost of Funds in Q2FY26.

Rishi Gupta, Managing Director & CEO, said: “Our focused execution of Transaction, Acquisition and Monetization (TAM) strategy kept us sustain headwinds. We maintained a risk calibrated approach while being resilient and strengthening our digital rail roads. As such we expect H2 FY26 to have enhanced momentum in Digital Payment Services business. Despite the slow pace, our core financial fundamentals remain stable for long term growth.”

Ketan Merchant, Chief Financial Officer, said: “Despite a challenging business environment, our margins improved by 5.75% on YoY basis. Our EBITDA margin increased by 2.8% YoY to 15.4%. In the evolving regulatory environment our focus has shifted towards enhancing bottom line through increased margin and execution of risk calibrated approach.”

Result PDF

Result PDF

Fino Payments Bank announced Q1FY26 results

  • Customer base reached to 1.5 crore, adding over 6.8 lakh accounts in the quarter.
  • Total throughput increased 17% YoY to Rs 1,23,542 crore in the first quarter. Digital throughput crossed Rs 67,800 crore, up 54% YoY.
  • Average Deposits rose 34% YoY to Rs 2,275 crore, signalling rising customer confidence and deeper wallet share.
  • Core Businesses - CASA & Digital Payment Services grew at 40% and traditional low margin business declined on account of tightened regulations on Remittance.
  • Over 97 crore transactions on the Fino platform, an increase of 39% YoY.
  • 53 lakh digitally active customers, 26% YoY increase
  • Revenue from CASA increased to Rs 154 crore, an increase of 30% YoY; contribution rose to 34%.
  • Subscription renewal Income increased 38% YoY to Rs 56 crore, reflecting strong customer stickiness and relationship depth.
  • Net Revenue Margin improved by 250 bps YoY, led by digital and CASA momentum.
  • Digital Payment Services revenue grew 59% YoY to Rs 106 crore; contributing 23% to total revenue.

Rishi Gupta, MD & CEO, said: “In continuation to last year, the Q1FY26 witnessed active regulatory oversight and sector-wide efforts to counter ecosystem challenges in digital payment services. Our momentum in digital and liabilities business strategically positions us for long term sustainable growth despite evolving environment. The Bank is enhancing its UPI stack with new product offerings aimed at boosting digital throughput, improving user experience, and strengthening platform-level monetisation opportunities. Our Small Finance Bank application is being evaluated by the regulator.”

Ketan Merchant, CFO, said: “Q1FY26 began in a challenging environment, with increasing regulatory focus and vigilant compliance requirements across the payment banking industry. While topline growth was modest at 4% YoY, our EBITDA grew 16% YoY, supported by a favourable shift in revenue mix towards high-margin segments like CASA and digital payment services. Our net revenue margins increased by 2.5%, indication of our enhanced focus on bottom line."

Result PDF

Fino Payments Bank announced Q4FY25 & FY25 results

Q4FY25 Financial Highlights:

  • Total Income: Rs 49,349 lakh compared to Rs 40,130 lakh during Q4FY24.
  • PBT: Rs 2,970 lakh compared to Rs 2,529 lakh during Q4FY24.
  • Throughput: Rs 1,30,600 crore compared to Rs 1,20,800 crore during Q4FY24.
  • Digital Throughput : Rs 74,900 crore compared to Rs 42,900 crore during Q4FY24.
  • First Payments Bank to maintain consistent profitability for five consecutive years (Q4FY20 – Q4FY25).

FY25 Financial Highlights:

  • FY25 revenue at Rs 1,847 crore, in line with guidance, reflecting 25% YoY growth.
  • High-margin CMS and CASA products contributed 38% to the revenue in FY25.
  • Digital (UPI) transactions volume crossed 288 crore in FY25 up 80% over FY’24.
  • Bank clocked over Rs 1,260 crore transactions on a daily basis in FY25 thereby demonstrating a record annual throughput of Rs 4.6 lakh crore, registering 29% YoY growth.

Rishi Gupta, MD & CEO, Fino Payments Bank, said: “FY25 has been a transformational year for Fino. Our endeavour to position ourselves as a leading digital player is reflected in our growth. Leveraging our technology-enabled network and digital ecosystem has been our mantra for sustainable growth. Our diligent customer centric approach enhances our long-term vision of monetising our customer base. Importantly, our strategic focus on customer ownership, digital-first approach, continuous innovation and exploring value creating avenues is at the core of our commitment to inclusive growth and profitability.”

Ketan Merchant, CFO, Fino Payments Bank, said: “We delivered on our revised guidance of 25% YoY (5% up from earlier guidance of 20%) growth in topline and remain focused on creating long-term shareholder value with discipline and agility. Our sustained performance has made Fino the first payments bank to remain profitable for five consecutive years. Our continued focus on the highly profitable digital segment has delivered exceptional results, with digital now contributing 21% to the total revenue - exceeding our expectations in FY25.”

Result PDF

Fino Payments Bank announced Q3FY25 results

Q3FY25 Financial Highlights:

  • Revenue increased by 25% YoY to Rs 461.3 crore.
  • Digital Payment Business contributing 24% of revenue (up from 8% in Q3’24).
  • EBITDA grew by 19% YoY to Rs 60.2 crore; PBT grew 25% YoY to Rs 28.5 crore.

Operational & Transaction Highlights:

  • Overall throughput value in Q3FY25 reached Rs 117.8k crore, reflecting a 26% YoY growth.
  • Total throughput for 9M’25 reached Rs 330.4k crore, achieving 92% of the total FY24 throughput.
  • Digital throughput grew 54% YoY to Rs 59k crore in Q3’25 and 68% YoY to Rs 150.6k crore in 9M’25.
  • 26 crore UPI transactions processed in Dec’24, contributing 1.61% to overall UPI ecosystem volume.
  • Customer Ownership: Our total customer base has now reached 1.34 crore, marking a 33% increase compared to the previous year. During Q3FY25, we successfully opened around 8.3 lakh bank accounts, of which 70,831 were digital accounts.
  • Annuity Business: Renewal income experienced a remarkable 52% YoY growth in both Q3FY25 and 9MFY25, reaching Rs 47.8 crore and Rs 133.9 crore, respectively.
  • Average Deposits saw a significant rise of 39% YoY to Rs 1,890 crore in Q3FY25 and 37% YoY to Rs 1,762 crore in 9M’25, reflecting an increase in active accounts.
  • Digital Payment Services recorded a significant 38% QoQ growth with Rs. 109.7 crores on the back of volume growth of the existing partners. We contributed 1.61% of the UPI ecosystem volume in Dec’24.
  • AePS demonstrated a strong revival, with its throughput growing 19% YoY to Rs 8,142 crore in Q3FY25. Additionally, revenue rose by 34% YoY, reaching Rs 31.6 crore.

Rishi Gupta, CEO & Managing Director said: “I am delighted to share that we have once again delivered record-breaking quarterly revenue, reflecting the strength and sustainability of our evolving business model. As we continue to advance our strategic initiatives, we are placing a strong focus on building our platform around digital services. Customer ownership continues to remain key to our growth and monetisation aspirations. India is rapidly moving towards digital economy, and we remain at the fore front of this transformation. With more and more customers becoming digitally active (~48 lakhs as on 31st December 2024) and with more partner accretions on B2B, we will continue to invest in technology and risk management to build a robust digital ecosystem.”

Ketan Merchant, Chief Financial Officer said: “We are thrilled to announce that we have achieved our 20th consecutive profitable quarter, reflecting the strength and resilience of our business model and the execution effectiveness of our Transaction, Acquisition and Monetization (TAM) strategy. Staying aligned with our revised revenue growth guidance for FY25, we have delivered an impressive 25.7% YoY revenue growth in the first nine months of the current fiscal. Operating leverage is a key for us and with digital growth our margins are improving due to economies of scale."

Result PDF

Fino Payments Bank announced H1FY25 & Q2FY25 results

Q2FY25 Financial Highlights:

  • Revenue increased 27% YoY to Rs 455.4 crore, with digital contributing 17% of revenue (up from 5% in Q2FY24).
  • PBT margins in Q2FY25 stood at 5.7% up from 5.4% in Q2FY24.

H1FY25 Financial Highlights:

  • Revenue increased 26% YoY to Rs 892.3 crore, with digital contributing 16% of revenue.
  • PBT margins in H1FY25 stood at 5.6% up from 5.4% in H1FY24.
  • H1FY25 cost-income ratio is at 25.6%, down from 26.9% in H1FY24.

Business Highlights:

  • Overall throughput value grew 24% YoY to Rs 106.9k crore in Q2FY25.
  • H1FY25 was the first ever half where the total throughput crossed Rs 2 lakh crore.
  • 23 crore UPI transactions in Sep’24; contributed 1.55% to overall UPI ecosystem volume.

Operational Highlights:

  • Distribution network: Our merchant network climbed 22% YoY to 18.5 lakh, covering 97% of India’s pin codes.
  • Customer ownership: More than 8.2 lakh bank accounts were opened during Q2FY25. Our total customer base is now 1.26 crores with 70% active, building base for significant cross and up-selling opportunity.
  • Increase in share of high-margin products: Revenue from CASA and CMS is 32% of total revenue in Q2FY25 (30% in Q2’24).
  • Customer stickiness: Annuity business experienced exponential growth as renewal income saw a substantial rise of 51% YoY in Q2FY25 and 52% YoY in H1FY25 to Rs 45.7 crore and Rs 86.1 crore respectively.
  • Average deposits grew 34% YoY to Rs 1,696 crore in Q2FY25 and 35% YoY to Rs 1,698 crore in H1FY25.
  • CMS transaction value saw a massive 49% YoY rise to Rs 21,818 crore in Q2FY25 and 37% YoY growth to Rs 41,614 crore in H1FY25.
  • Digital Payment Services accounts for 17% of the revenue pie in Q2FY25 which was 5% in Q2FY24, driven by robust and simplified technology solutions for our B2B partners.

Rishi Gupta, Managing Director & CEO said: “I am delighted to announce that we have posted our highest-ever quarterly revenue and profit before tax, a testament to our TAM (Transaction, Acquisition and Monetisation) strategy and sustainable business model. Our emphasis on ‘digital payment services’ is giving the necessary impetus to our growth thereby contributing to the overall journey of ‘Digital as well as Vikasit Bharat’. We are committed to explore new opportunities and sustain the current growth momentum by monetizing our unique model with highest governance standards.”

Ketan Merchant, Chief Financial Officer said: “We are excited to announce that it is our 19th consecutive profitable quarter, accentuating our lean model and digital-centric success. Last quarter, we had revised our guidance to 25% revenue growth for FY’2024-25; with 26.2% YoY growth in H1FY25, we are on track to achieve the same.”

Result PDF

Fino Payments Bank announced Q1FY25 results:

  • Revenue increased 25% YoY to Rs 436.9 crore.
  • EBITDA expanded by 31% YoY to Rs 53.2 crore and PBT grew by 30% YoY to Rs 24.3 crore.
  • PBT margins in Q1FY25 at 5.6% up from 5.4% in Q1FY24.
  • Q1FY25 RoE at 15.2 % v/s 13.6% in Q1FY24.
  • Overall throughput value grew by 39% YoY to Rs 1,05,610 crore in Q1FY25.
  • Digital throughput grew 141% YoY to Rs 44,197 crore in Q1FY25; digital impetus leads to digital contributing 42% to overall throughput in Q1FY25 v/s 24% in Q1FY24.
  • ~57 crore UPI transactions in Q1FY25; contributed 1.42% to overall UPI ecosystem volume.

Rishi Gupta, CEO & Managing Director said, “I am pleased to announce our highest profitable first quarter, a testament to our sustainable business model and strategy. Our new vertical “digital payment services” is growing on a profitable basis and giving the necessary impetus to our TAM (Transaction, Acquistion and Monetisation) strategy. As we move forward, our priority remains moving up the customer value chain, diversification and innovation. We are committed to maintaining our growth momentum by exploring new avenues and prepare ourselves for monetising our differentiated model.”

Ketan Merchant, Chief Financial Officer said, “We are excited to announce our 18th consecutive profitable quarter, accentuating our lean model and digital-centric success. In light of our business momentum, we are revising our guidance from 20% YoY revenue growth to 25% for FY’2024-25. Our consistent profit margins demonstrate strength and sustainability in our business model and our accelerated growth plans.

Result PDF

Fino Payments Bank announced Q4FY24 & FY24 results:

Q4FY24 Financial Highlights:

  • Throughput increased by 52% and digital throughput increased 175% YoY.
  • Revenue increased 24% YoY to Rs 401.3 crore.
  • EBITDA growth was 26% YoY at Rs 54.2 crore from Rs 43.0 crore
  • PAT growth at 14% YoY with Rs 25.2 crore.
  • Digital throughput contributes 42% of overall throughput in Q4FY24, up from 23% in Q4FY23.

FY24 Financial Highlights:

  • FY24 revenue increased 20% YoY to Rs 1,478.4 crore.
  • EBITDA expanded by 41% YoY to Rs 191.4 crore and PAT grew by 32% YoY to Rs 86.2 crore.
  • PAT margins in FY24 at 5.8% up from 5.3% in FY23.
  • Throughput increased by 41% YoY in FY24. Digital impetus gains further ground as it contributes 37% to the overall throughput (up from 19% in FY23). 

Rishi Gupta, CEO & Managing Director said, “This has been the highest profitable quarter for us in the history of the Bank. This remarkable achievement coupled by the key milestone of reaching 1 crore customers gives me enhanced confidence of future growth potential. Our TAM (Transaction, Acquisition and Monetization) strategy is playing its part for sustainable business growth. Our objective is to establish ourselves as the preferred digital banking destination by introducing advanced product offerings crafted to leverage emerging growth opportunities in Bharat.”

Ketan Merchant, Chief Financial Officer said, “We are proud to announce our 17th consecutive profitable quarter, extending our consistent streak of profitability and growth. This quarter's performance reaffirms the success of our lean and digital-centric growth approach. Our growth in annuity income by 75% in FY’24, further reinforces the sustainability and growth in the business model.”

Result PDF

Fino Payments Bank announced Q1FY24 results:

  • Revenue increased 21% YoY to Rs 348 crore.
  • EBITDA and PAT expanded by 72% and 85% YoY to Rs 41 crore and Rs 19 crore, respectively.
  • PAT margins increased to 5.4% in Q1FY24 from 3.5% in Q1FY23 while EBITDA margins increased to 11.6% from 8.2% for the same period.
  • Q1FY24 RoE at 13.6% v/s 8.5% in Q1FY23.
  • Q1FY24 was the first-ever quarter where the total throughput crossed Rs 75,000 crore.
  • Digital throughput grew 94% YoY to Rs 18,351 crore; digital throughput is also 24% of overall throughput in Q1FY24, up from 16% in Q1FY23
  • ~41 crore transactions were processed in the Fino ecosystem, up 63% YoY

Rishi Gupta, CEO & Managing Director said, “We are very happy to announce another quarter of strong performance which is in the right direction towards meeting our stated guidance of FY26. We intend to supplement payments bank business with lending to known customers through the enhancement of license. Our opportunity to grow by transiting to SFB is significant on the back of optimal leveraging of our widespread network to cater to the unmet credit demand of our merchants and customers. Fino’s core business activity will continue to be that of a banking service provider to the existing target segment with credit as an additional service offering.”

Ketan Merchant, Chief Financial Officer said, “We are delighted to announce the highest ever quarterly revenue in the bank’s history as we continue to aim to grow at 20 percent YoY, focusing on customer ownership business and high margin products. Our SFB will be a Payments Bank model, different from existing players wherein the fee-based income will constitute 75% - 80% of the revenue in the first few years of operation.”

 

Result PDF

Fino Payments Bank announced Q4FY23 & FY23 results:

  • Q4FY23:
    • Revenue: Rs 323.4 crore, up 13.4% YoY
    • EBITDA: Rs 43.0 crore 46.3% YoY
    • PAT: Rs 22.1 crore 25.4% YoY
    • RoE: 16.7%, up 190 bps (YoY)
    • Txn. On Fino Platform: 34.9 crore, up 63.2% YoY
  • FY23:
    • Revenue: Rs 1,229.9 crore, up 21.9% YoY
    • EBITDA: Rs 136.1 crore, up 61.3% YoY
    • PAT: Rs 65.1 crore, up 52.3% YoY
    • RoE: 12.8%, down -84 bps YoY
    • Txn. On Fino Platform: 120.7 crore, up 79.2% YoY

 

 

Result PDF

Fino Payments Bank announced Q3FY23 results:

  • Q3FY23 & 9MFY23:
    • 9MFY23 PAT more than FY22 PAT
    • EBITDA and PAT grew by 69% and 71% for the nine-month period  
    • On YoY growth, EBIDTA increased by 50.2% to Rs 38.9 crore and PAT increased by 35.5%, registering the highest quarter profitability of Rs 19.1 crore.
    • EBITDA margins widened to 12.4% in Q3FY23 from 9.4% in Q3FY22 while PAT margins widened to 6.1% in Q3FY23 from 5.1% in Q3FY22.
    • Total deposits grew 66% YoY from Rs 589 crore on December 31, 2021 to Rs 976 crore on December 31, 2022.
    • Overall throughput value grew by 34% YoY to Rs 65,926 crore.

Rishi Gupta, CEO & Managing Director said, “This quarter continues to demonstrate consistent performance amidst the prevailing macroeconomic challenges. Our growth and profitability-led approach is yielding good dividends. The strategic focus on customer acquisition is working well and this in my view is a cornerstone of our future success. Going forward, we will strengthen our franchise, and build on our digital and technology offerings with an emphasis on partnerships for expansion and profit generation. We aim to be the trusted financial solution provider to all our customers and deliver sustainable returns to our shareholders.”   

Ketan Merchant, Chief Financial Officer said, “Q3FY23 was the best performing quarter for us as we saw healthy performance across the financial and operational parameters. Our product margin increased by around 120 bps to 32.1% for this quarter. Operating leverage is playing its part wherein our revenues are growing at least 10% more than cost growth. This puts us in a sweet position to further grow on bottom line at a faster pace. Having laid a strong foundation, we are confident that our sustainable and scalable business model will give us a unique financial edge over medium to long term.”  

Result PDF

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