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Fino Payments Bank has reported a 41.5% jump in its September quarter profit at Rs 19.5 crore.

The Navi Mumbai-headquartered entity had reported a net profit of Rs 13.8 crore in the year-ago period.

Its revenue for the reporting quarter increased 18.2% to Rs 358.6 crore from Rs 303.3 crore in the year-ago period, and the quarter-ago period’s Rs 348.3 crore.

Its operating profit margin widened to 12.9% from 10.1% in the July-September 2022 period, which resulted in higher profit growth.

“Our strategic focus on distribution, data and digital (DDD) pivoting around customer centricity for our future journey continues even into our ambition of becoming a Small Finance Bank (SFB),” its managing director and chief executive Rishi Gupta said.

Chief financial officer Ketan Merchant said it has been able to maintain the monthly new account opening rate at 2.5 lakh, and added that it is targeting a 20% jump in revenues in FY24.

Fino shares closed 2.21% up at Rs 305.30 apiece on the BSE on Wednesday, as against a 0.44% correction on the benchmark.