Fino Payments Bank (Fino Bank) on Thursday reported a 116 per cent jump in net profit at Rs 14.1 crore for the quarter ended December 2021 on the back of healthy income. It had posted net profit of Rs 6.52 crore in quarter ended December 2020.
Revenue during the quarter grew by 20 per cent year-on-year to Rs 275.16 crore on the back of a 75 per cent growth in subscription income, Fino Bank said in a release. Revenue from remittances grew 26 per cent y-o-y and 29 per cent sequentially in Q3 FY22.
ALSO READ: Coforge Q3 results: Profit grows 51% YoY, revenue 39%; interim dividend of Rs 13 per share announced
Rishi Gupta, CEO and managing director, said, "The third quarter is traditionally marked by festivities in India that leads to a surge in payment businesses like those of Fino Bank. Our consistent focus and execution excellence resulted in capitalising the festive spirit in Q3FY22." Fino Bank said its remittance or domestic money transfer (DMT) business regained pre-COVID levels in October.
Fino Payments Bank is a fully-owned subsidiary of Fino Paytech, which is backed by marquee investors like ICICI Group, Blackstone, IFC, Intel and LIC, among others. Stock of Fino Bank closed 0.64 per cent up at Rs 392.70 apiece on BSE.