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Mumbai-based Fino Payments Bank has recorded a second year of profitability after stating that its profit after tax (PAT) grew by 109% year-on-year (YoY) to INR 42.74 Cr as opposed to INR 20.4 Cr in FY21.

The startup also claimed that it reached a PAT of INR 17.6 Cr in Q4 FY22 – higher than the PAT of the entire H1 FY22 at INR 11 Cr and Q3 FY22 at INR 14.1 Cr.

Its EBITDA for FY22 was INR 84.38 Cr – a 62% YoY rise from INR 52.02 Cr in FY21

The BSE & NSE listed startup announced its Q4 FY22 and FY22 results where it stated that its revenue grew by 28% YoY to INR 1,009 Cr from INR 791.03 Cr.

The payments bank’s expenses have also remained high at 91% of its income. In FY22, its total expenditure increased by 20% to INR 924.61 Cr compared to INR 770 Cr in FY21.

Breakdown Of Fino’s Revenue Numbers

The bank processed 67 Cr transactions worth INR 1.87 Lakh Cr in FY22 and reportedly opened more than 3.78 Lakh merchant accounts during the same period. Of this, 20.2 Lakhs were current and savings accounts (CASA).

CASA and cash management services (CMS) together contribute 17.3% of overall revenue for FY22, the company stated in its financial statement.

UPI’s transaction volume for the payments banks rose 325% YoY to INR 18,393 Cr, up from INR 4,326 Cr in FY21.

The growth in the company’s revenue, as seen in its audited financial statements remains largely independent of interest incomes (INR 35.63 Cr) and retail banking operations (INR 179.47 Cr).

Fino saw a 106% increase in commission, exchange and brokerage from transactions across micro ATMs, Aadhar Enabled Services (AePS), CMS and CASA services.

Founded in 2007, Fino PayTech Limited on September 7, 2015, was granted in-principle approval to set up a payments bank and it commenced its operations in June 2017. Fino competes with other similar payment banks operated by India Post, Bharti Airtel, Paytm, NSDL and Reliance Jio. It is listed on the bourses in November 2021.

Post its listing, the startup marked its first investment by acquiring a 12.19% stake in Paysprint for an undisclosed amount. The move will enable Fino to leverage Paysprint’s technology to offer API plugins for the bank’s digital platform. In turn, it will enable Paysprint to expand its reach and offer its products to more users on the Fino platform.

Additionally, the two platforms will collaborate on a host of financial and non-financial use cases such as cross-selling products, international remittance, mutual funds, Demat accounts and fixed and recurring deposit products as referral offerings to attract more customers.