Fino Payments Bank's PAT up y-o-y by 223%

28 Jul 2022 , 03:19 PM

Fino Payments Bank Limited announced its results for the first quarter ended June 30, 2022. The bank's performance in Q1FY23 surpassed that of Q4FY22, a seasonally stronger quarter, indicating the growth trajectory Fino is currently focusing on.

Bank’s overall throughput value surged 45% yoy to Rs60,784 crore. This was the first ever quarter where the physical (non‐digital) throughput crossed Rs50,000 crore.

Bank’s revenue jumped 40% yoy at Rs289 crore, also recording its first-ever sequential growth over the last quarter.

Fino’s EBITDA and PAT jumped by 111% yoy and by 223% yoy to Rs24 crore and Rs10 crore, respectively.

It further cited that EBITDA margins widened to 8.2% in Q1FY23 from 5.4% in Q1FY22. While PAT margins widened to 3.5% in Q1FY23 from 1.5% in Q1FY22.

Bank stated that if PAT is adjusted for digital spending (these spends are more of an investment for the future), it would’ve been higher by 30% in Q1FY23.

It reported a 131% yoy jump in total deposits from Rs251.25 crore as of June 30, 2021, to Rs581.53 crore as of June 30, 2022.

Bank accounts opened during the quarter registered growth of 83% yoy at 6.2 lakhs.

At around 2.55 PM, Fino Payments Bank was trading at Rs264.55 up by Rs4 or 1.54% from its previous closing of Rs260.55 on the BSE. The scrip touched a high and low of Rs273.95 and Rs250 respectively, so far.