Financial Results for Q2FY22 of Fino Payments Bank

Revenue growth of ₹242 crores in Q2FY22, a jump of  35% YOY

Revenue grew by  35% YOY on the back of a growth of 32% in transaction revenue, 43% in subscription income, and 35% in open banking

New Current and Savings Accounts opened during the quarter jumped by 56% YOY

 UPI throughput grew by a whopping 403% to ₹ 5,854 crore in H1FY22 over H1FY21

Profit After Tax (PAT) grew by 74% year-on-year to ₹ 7.89 crores in Q2FY22

Annualised Return on Equity (RoE) of Q2FY22 is at 20%

CASA subscription revenue grew by 78.3% YOY while subscription yield increased from ₹402 per account in Q2FY21 to ₹481 per account in Q2FY22

The Board of Directors of Fino Payments Bank Limited at its meeting on Saturday, November 13, 2021, approved the accounts of the financial statements of the Bank for the quarter ended September 30, 2021. The accounts have been subjected to an audit by the statutory auditors of the Bank.

Performance for the quarter ended September 30, 2021

Rishi Gupta, CEO & Managing Director said, “Our growth momentum in transaction volumes and throughput continues to be strong. Consumer behavior towards convenience banking is gaining impetus. To add to that, traction on our UPI platform is also heartening as it reinstates our belief of digitization as the future of India. Our endeavour is to digitally include all Indians in the financial ecosystem. I thank our customers, business partners, all our merchants, investors, and colleagues for continued and valuable support as we embark on a new path.”

Ketan Merchant, Chief Financial Officer said“Investment in technology and operating leverage is beginning to yield results. Our strategy to focus on growth resulted in ramping up our feet on street teams, however, our revenue per employee has grown in Q2FY22 resonating our philosophy of focus on growth and profitability. With an annualised ROE of 20% in Q2FY22, our model is poised for long-term outperformance. Alongside the growth in our existing businesses, our digital journey in Fino 2.0 will help us tap a massive potential of cross-selling in the near future.”  

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Financial Performance Highlights during the quarter ended September 30, 2021

Fino has a mantra of DTP- Distribution- Technology and Partnerships.

Riding on its pan India merchant network of more than 8 lakh banking points, the fintech recorded revenue of ₹ 242.15 crore, a YOY growth of 35%.

In Q2FY22, 13 new partners were onboarded in cash management services (CMS)/ payment services resulting in total CMS clients at 110 (86% YOY growth) as of September 2021 end.

The bank’s focus on transactions helps capitalise on the opportunities that would arise as banking adoption in the emerging India market increases and the economy gains momentum.

Growth products for FPB were subscription based CASA wherein revenue in Q2FY22 grew by  78.3% YOY and CMS wherein revenue in Q2FY22 grew by 89.9% YOY.

Total operating expenses including product costs grew by 36% YOY in Q2FY22, primarily due to an increase in product costs and manpower costs on account of ramping up of feet on the street team.

The Profit After Tax (PAT) grew by 74% YOY to ₹ 7.89 crore in Q2FY22 from ₹ 4.52 crore in Q2FY21.


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