Fino Payments Bank posts 14% rise in Q4 net
Fino Payments Bank reported a 14 per cent year-onyear (y-o-y) increase in fourth quarter net profit at ₹25 crore against ₹22 crore in the year-ago quarter on the back of healthy growth in other income and interest earned.
Other income was up 22 per cent y-o-y at ₹360 crore (₹294 crore).
Other income relates to fees and commission earned from CASA, micro-ATMs and Aadhaar-Enabled Payment System (AePS) transactions, domestic remittances, issuing of debit cards, third-party products including insurance and gold loans, business correspondent banking and cash management Services.
Interest earned rose 41 per cent to ₹41 crore (₹29 crore). Interest expended shot up 61 per cent to ₹23 crore (₹14 crore).
EXPENSES UP
Operating expenses, including employees cost and other operating expenses, increased 23 per cent to ₹353 crore (₹287 crore). Other operating expenses includes commission paid to business correspondents, interchange expenses and NPCI switching fees, among others.
Deposits increased 42.8 per cent to ₹1,714 crore as of March-end 2024.
Rishi Gupta, CEO & Managing Director, said fourth quarter net profit was the highest ever for the bank even as it attained a key milestone of one crore customers.