Fino Payment Bank's tepid listing could get a big push
Fino Payments Bank, which debuted its public listing on Indian bourses on Friday, posted a 74 percent annual growth in its Profit After Tax (PAT) with Rs 7.89 crore in Q2FY22 ending September 30, 2021, as compared to Rs 4.52 crore in Q2FY21.
Fino Payments Bank, which debuted its public listing on Indian bourses on Friday, posted a 74 percent annual growth in its Profit After Tax (PAT) with Rs 7.89 crore in Q2FY22 ending September 30, 2021, as compared to Rs 4.52 crore in Q2FY21.
Quarterly, the profit growth was 152.07 percent in September 2021 quarter as compared to Rs 3.13 crore in June 2021 quarter.
The payments bank platform has facilitated more than 435 million transactions with a gross transaction value of Rs 1.33 lakh crore in the financial year 2020-21.
The fintech bank turned profitable in the fourth quarter of 2019-20 and has been profitable in subsequent quarterly periods. The bank registered a profit of Rs 20.5 crore in 2020-21.
The Q2FY22 financial results also revealed that that the payment bank's revenue grew by 35 percent YoY at Rs 242.15 crore on the back of 32 percent growth in transaction revenue, 43 percent in subscription income, and 35 percent in open banking.
On November 12, the shares of Fino Payments Bank made a tepid market debut, listing with a discount of nearly 6 percent from its issue price of Rs 577.
The stock made its debut at Rs 548, on BSE, 5 percent below its issue price. It later dipped 7.15 percent to Rs 535.70. At the NSE, it listed at Rs 544.35, lower by 5.65 percent.
The initial public offer of Fino Payments Bank Limited was subscribed 2.03 times earlier this month. The Rs 1,200-crore IPO had a price range of Rs 560-577 per share for the offer.
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News & Updates
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Before you go, stay inspired with…
“Consumer behaviour towards convenience banking is gaining impetus. To add to that, traction on our UPI platform is also heartening as it reinstates our belief in digitisation as the future of India.”
— Rishi Gupta, CEO and Managing Director, Fino Payments Bank
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