Fino Payments Bank Q3 results: Net profit jumps 19% to Rs 22.8 crore

The lender, on January 8 applied for a small finance bank (SFB) license with the Reserve Bank of India (RBI).

Mumbai-based Fino Payments Bank on January 31 recorded a net profit of Rs 22.8 crore for the October-December quarter of the financial year (FY) 2023-24. The net profit jumped 19 percent on a year-on-year basis.

The lender's average deposits grew 42 percent from Rs 955 crore in the reporting quarter to Rs 1,358 crore in the corresponding quarter last year.

The lender, on January 8 applied for a small finance bank (SFB) license with the Reserve Bank of India (RBI).

“During the quarter ended December 31, 2023, the Reserve Bank of India has 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,” RBI said in a statement on January 8.

On July 28, the bank’s board approved the proposal for the transition of the bank into an SFB. The payment bank also stated that they have constituted a committee to explore the possibility of group corporate restructuring and evaluate its implications and other considerations

Shares of the bank closed at Rs 331.20 a piece on BSE, 1.30 percent up.