iifl-logo

Invest wise with Expert advice

By continuing, I accept the T&C and agree to receive communication on Whatsapp

sidebar image

Fino Payments Bank Applies for Small Finance Bank License, Reports Strong Q2 Profits

9 Jan 2024 , 11:07 AM

Fino Payments Bank has submitted an application to the Reserve Bank of India (RBI) for a Small Finance Bank (SFB) license.

The RBI acknowledged the application in a statement on January 8, 2024, stating that they received one application under the Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector dated December 05, 2019, from Fino Payments Bank Limited.

The decision to transition into an SFB was approved by Fino Payments Bank’s board on July 28. Additionally, the bank has formed a committee to assess the potential corporate restructuring within the group and evaluate associated implications and considerations.

Fino Payments Bank has been actively pursuing customer acquisition and reported an 85 % year-on-year (YoY) growth in profit. The bank expressed its commitment to enhancing sustainability and leveraging its network.

In the second quarter of the financial year 2023-24 (FY24), Fino Payments Bank’s consolidated Profit After Tax (PAT) surged by 41.5 % YoY, reaching Rs 19.5 crore, attributed to robust growth in transactions and the user base.

The bank’s revenue for Q2 FY24 increased by 18.2 % to Rs 358.6 crore compared to Rs 303.3 crore in Q2 FY23.

Total expenditure, excluding provisions and contingencies, witnessed a YoY growth of 16.9 %, reaching Rs 338.50 crore from Rs 289.5 crore in the corresponding period last year.

For feedback and suggestions, write to us at editorial@iifl.com
 

Related Tags

  • Fino Payments
  • Q2 Profits
  • Small Finance Bank License
sidebar mobile

BLOGS AND PERSONAL FINANCE

Read More
Knowledge Center
Logo

Logo IIFL Customer Care Number
(Gold/NCD/NBFC/Insurance/NPS)
1860-267-3000 / 7039-050-000

Logo IIFL Capital Services Support WhatsApp Number
+91 9892691696

Download The App Now

appapp
Loading...

Follow us on

facebooktwitterrssyoutubeinstagramlinkedintelegram

2025, IIFL Capital Services Ltd. All Rights Reserved

ATTENTION INVESTORS

RISK DISCLOSURE ON DERIVATIVES

Copyright © IIFL Capital Services Limited (Formerly known as IIFL Securities Ltd). All rights Reserved.

IIFL Capital Services Limited - Stock Broker SEBI Regn. No: INZ000164132, PMS SEBI Regn. No: INP000002213,IA SEBI Regn. No: INA000000623, SEBI RA Regn. No: INH000000248
ARN NO : 47791 (AMFI Registered Mutual Fund Distributor)

ISO certification icon
We are ISO 27001:2013 Certified.

This Certificate Demonstrates That IIFL As An Organization Has Defined And Put In Place Best-Practice Information Security Processes.