Fino Payments Bank, a digital banking services provider, has reported a 52% year-on-year increase in its net profit for the fiscal year 2022-23, which stood at INR 65 crore (approximately $8.7 million). The company’s revenue for the same period was up by 22% YoY and stood at INR 1065 crore (approximately $142 million).
Fino Payments Bank has attributed the growth to an increase in its customer base and transactions during the fiscal year. The bank added over 5 million new customers and witnessed a 66% YoY growth in transactions, reaching 200 million transactions in FY23. Fino Payments Bank CEO Rishi Gupta said that the company has been investing in technology and innovative products, which helped in driving growth during the challenging times of the pandemic. The bank has also been expanding its network of branches and touchpoints, which has enabled it to serve customers in remote and underserved areas. Fino Payments Bank was launched in 2017 as a subsidiary of Fino Paytech, which is a digital payments solutions provider. The bank offers services such as savings accounts, current accounts, money transfer, and bill payments through its digital and physical channels. The company has a network of over 1 lakh banking points, including branches, banking agents, and business correspondents.
Fino Payments Bank, a leading player in the digital banking space, has reported a significant jump in its profit for the fiscal year 2022-23. The bank’s net profit surged 52% YoY to INR 65 crore ($8.7 million), up from INR 43 crore ($5.7 million) in the previous year. The bank’s revenue also witnessed a growth of 22% YoY, reaching INR 1,360 crore ($182 million) in FY23, up from INR 1,114 crore ($149 million) in FY22. The bank attributed this growth to its strong focus on digitisation, innovation, and customer-centricity. Fino Payments Bank was launched in 2017 and has since emerged as a major player in the digital banking space, offering a range of services such as savings and current accounts, money transfers, bill payments, and more. The bank has also been actively expanding its digital footprint, with a focus on serving customers in remote and rural areas.