How were the quarterly numbers of newly listed Fino Payments Bank?
Answer
Answer
On Friday the IPO of Fino Payments Bank listed at a discount of 6% and stayed below the issue price. Just a day later, Fino Payments Bank posted fairly impressive jump in net profit to the tune of 74% at Rs.7.89 crore in the quarter ending September 2021. Revenues for the quarter were also higher by 35% at Rs.242 crore.
The top line got a boost from a 32% growth in transaction revenues, 43% growth in subscription income and 35% growth in open banking. Current and savings account or CASA deposits of Fino Bank reported 78% growth yoy. Fino Payments Bank currently boasts of a pan-India presence of 7.25 lakh merchants spread across Tier-2 and Tier-3 towns.