Fino Payments Bank has reported a 25% rise in its post-tax net profit for the March 2023 quarter, reaching Rs 22.08 crore ($2.9 million). The bank’s total income rose to Rs 323.43 crore, compared to Rs 285.29 crore in the same period a year ago and Rs 314.10 crore in the previous December quarter. Fino Payments Bank is headquartered in Navi Mumbai.
According to a statement by the payments bank, the bank’s operating expenses increased to Rs 287 crore from Rs 263 crore in the year-ago period. In addition to traditional banking services, Fino Payments Bank offers a range of digital banking solutions, including mobile banking and digital wallets.
The bank’s CEO, Rishi Gupta, attributed the growth to the bank’s continued focus on financial inclusion, technology, and innovation. The bank recently launched Fino Money+, a mobile app enabling customers to access various banking services and make digital transactions.
Fino Payments Bank was founded in 2006 as a financial inclusion firm. It was granted a banking license by the Reserve Bank of India in 2017—Marquee investors, including Blackstone, ICICI Bank, and Bharat Petroleum, back it. The bank has a network of over 500 branches and 45,000 banking points across the country.
