Fino Payments Bank Q1FY23 Result: PAT fall 42.6% to ₹10 Cr, Income grew 1.32% QOQ

New CASA subscription income grew by 75% YOY Total deposits went up by 131% YOY from ₹251.25 cr as on 30th June 2021 to ₹581.53 cr as on 30th June 2022 Average account balances went up from ₹866 in Q1FY22 to ₹1,116, a growth of 29% YOY EBITDA grew by 111% YOY to ₹24 crore EBITDA margins widened to 8.2% in Q1FY23 from 5.4% in Q1FY22 while PAT margins widened to 3.5% in Q1FY23 from 1.5% in Q1FY22

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Fino Payments Bank Ltd was incorporated as Fino Fintech Foundation on 23 June 2007. The Promoter Fino PayTech Ltd was granted an in-principle approval to establish a payments bank (Payments Bank) by the RBI pursuant to its letter dated 07 September 2015. Subsequently the Bank received the final approval of the RBI to carry on the business as a Payments Bank on 30 March 2017.

Now, the Bank has posted its Q1FY23 financial results today, the details are as below :

(I) Unaudited Consolidated Financial Results for Quarter Ended (QOQ comparison):

Fino Payments Bank Q1 results 2022 reported, a consolidated Total Income of ₹289.05 crore in the quarter ended on June 30, 2022 as against ₹285.29 crore in the last quarter ended on Mar 31, 2022, increased by 1.32%.

The Bank has posted a consolidated Net Profit of ₹10.10 crore in the quarter ended on March 31, 2022 as against ₹17.62 crore in the previous quarter ended on June 30, 2022. The PAT surges down by 42.68%.

The status of the EPS of Fino Payments Bank stood at ₹1.21 as on March 31, 2022 compared to the previous quarter ended on June, 2022 which was ₹2.20, down by 45.00%.

₹*June 30, 2022 (Q1FY23)Mar 31, 2022 (Q4FY22)
Total Income289.05285.29
Total Expenses278.95267.67
PBT /(Loss)10.1017.62
Total Tax /(credit)
PAT /(Loss) [to the owners]10.1017.62
*figures are in Crores

(II) Unaudited Consolidated Financial Results for Quarter Ended (YoY comparison):

The Bank has reported, a consolidated Total Income of ₹289.05 crore in the financial year ended on June 30, 2022 as against ₹206.24 crore for the same quarter ended on last year June 30, 2021 that increased by 40.15%.

Q1 results 2022 of Fino Payments Bank shows a consolidated Net Profit of ₹10.10 crore in the financial year ended on June 30, 2022 as against ₹3.13 crore for the same quarter ended on last year June 30, 2021. The PAT surges up by 22.68%.

The status of the EPS of the bank stood at ₹1.21 as on June 30, 2022 compared to the quarter ended on last year June 30, 2021 which was ₹0.40, up by 202.50%.

₹*June 30, 2022 (Q1FY23)June 30, 2021 (Q1FY22)
Total Income289.05206.24
Total Expenses278.95203.11
PBT /(Loss)10.103.13
Total Tax /(credit)
PAT /(Loss) [to the owners]10.103.13
*figures are in Crores
fino payments bank

(III) Asset Quality and CAR :

The Bank’s NPA is NIL till date.

Q1FY23Q4FY22Q1FY22
*CAR %106.02125.6054.84
RoA %**0.481.050.31
Total Debts to Total Assets %27.7314.8620.71
*Capital Adequacy Ratio **Return on Assets

(IV) Key Highlights about the Performance :

Throughput and Transaction Highlights

  • Overall throughput value grew by 45% YOY to ₹60,784 cr
  • Q1FY23 was the first ever quarter where the phygital (non‐digital) throughput crossed ₹50,000 cr
  • Exponential growth in digital throughput at 285% ‐ digital throughput is also 16% of overall throughput in Q1FY23, up from 10% in Q4FY22
  • 25 cr transactions were processed in the Fino ecosystem, up 102% YOY
  • Transaction revenue excluding BC banking was up by 22% YOY

Financial Highlights

  • EBITDA grew by 111% YOY to ₹24 crore
  • EBITDA margins widened to 8.2% in Q1FY23 from 5.4% in Q1FY22 while PAT margins widened to 3.5% in Q1FY23 from 1.5% in Q1FY22
Fino Payments Bank key ratios

Operational Highlights

  • Distribution network: Penetration deepened further as registered merchant count increased by 58% YOY to 11.4 lakhs
  • Customer ownership: Bank accounts opened during the quarter grew by 83% YOY at 6.2 lakhs
  • New CASA subscription income grew by 75% YOY
  • Total deposits went up by 131% YOY from ₹251.25 cr as on 30th June 2021 to ₹581.53 cr as on 30th June 2022
  • Average account balances went up from ₹866 in Q1FY22 to ₹1,116, a growth of 29% YOY
fino payments bank CASA & Debit card sell – Fino Payments Bank q1fy23 result

Shares of Fino Payments Bank Ltd was last trading in BSE at ₹260.55 as compared to the previous close of ₹256.65. The total number of shares traded during the day was 1391 in over 154 trades.

The stock last hit in BSE,

  • Intraday High of ₹ 252.05
  • Intraday low of ₹ 242.05
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