Fino Payments Bank Q2 net profit up 74.5% – The Hindu BusinessLine

Clipped from: https://www.thehindubusinessline.com/money-and-banking/fino-payments-bank-q2-net-profit-up-745/article37479212.ece

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Fino Payments Bank reported a 74.5 per cent increase in its net profit for the second quarter of the fiscal at Rs 7.89 crore. In the same period last fiscal its net profit was Rs 4.52 crore .

Net interest income increased by 29.9 per cent to Rs 3.61 crore in the quarter ended September 30, 2021 from Rs 2.78 crore in the same period last fiscal.

Other income also increased by 34.8 per cent on a year-on-year basis to Rs 235.11 crore in the second quarter of the fiscal.

“Revenue grew by 35 per cent year-on-year on the back of a growth of 32 per cent in transaction revenue, 43 per cent in subscription income and 35 per cent in open banking,” Fino Payments Bank said in a statement on Saturday.

Rishi Gupta, Managing Director and CEO, Fino Payments Bank said, “Our growth momentum in transaction volumes and throughput continues to be strong. Consumer behaviour towards convenience banking is gaining impetus.”

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