Chhavideep SinghFino Payments Bank is a financial institution that has been serving the needs of India’s banking market for over a decade and most recently; the Mumbai-based financial firm has recorded its third consecutive profitable quarter, Quarter 2 of Financial Year 2021 with a net profit of Rs. 4.5 crore.
The growth history of the decade-old financial institution has been remarkable, despite Rs. 7 crore losses in early Financial Year 2020.
Fino Payments bank has recorded a 3.4x profit compared to Rs. 1.3 crore net-profits that it earned in the Fourth Quarter of Financial Year 2020. Doing the math as shown by analysts, the profit margins of the company has witnessed a 246% growth this year.
Source: Nium
In totality, adding the net profits of Quarter 1 and Quarter 2 of Financial Year 2021, the operational profit that the company has earned is INR 23.5 Crore in the first half which almost 4 times the growth from Financial Year 2020 that ended in March.
COVID-19 has certainly changed a lot of things and one thing to notice is the customer’s banking behavior, according to an analyst. He adds that the banking sector, in general, has recorded an increase in financial transactions and institutions like Fino has taken full advantage of this opportunity to gain more profit.
Well, Rishi Gupta- CEO and Managing Director, Fino Payments Bank does not deny this fact as he explains that the company has managed to scale up their profit margins by enhancing their ‘asset-light phygital network ‘and creating more banking opportunities for customers, partners, merchants and other operational personnel involved to maximize the utilization of their banking services.
Fino Payments Bank, subsidiary of FINO PayTech was founded back in 2017 by Rishi Gupta and the company recorded phenomenal growth in just a span of three years which is considered highly impressive in a dynamic country like India.
The financial technology company competes in the saturated fintech market with Paytm Payments Bank, PayNearby, BANKIT, Mukesh Ambani’s Jio Payments Bank and Airtel Payments Bank amongst many others.
Source: Fino Payments Bank
According to CEO Gupta, the company currently processes financial transactions worth Rs. 12500 crores per month which notably provides 4% growth on a month to month basis, according to inc42.
As a profitable addition to the company’s services- Fino Payments Bank introduced entrepreneurship and employment opportunities for over 80 thousand local retainers in Quarter 1 of Financial Year 2021, where half of them were added on board in Quarter 2.
Apart from this, the company has significantly improved its banking game as an established financial institution and has become one of the leading financial technology players in the Indian market.