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.”