Fino Payments Bank Reports Robust Q2 Earnings Growth

Fino Payments Bank announced an 8.35% growth in its Q2 net profit, reporting Rs 21.15 crore. The company cited its first tax expense of Rs 4.78 crore as impacting profits. Despite this, quarterly revenue and pre-tax profit are at record highs, signaling positive future outlook.

Fino Payments Bank has reported strong financial results for the September quarter, achieving an 8.35% increase in net profit, amounting to Rs 21.15 crore. This marks a significant rise from Rs 19.52 crore recorded during the same quarter last year.

The company's income has surged to Rs 455.41 crore, a substantial leap from Rs 358.58 crore in the previous year, while the profit before tax has grown by 33% to Rs 25.9 crore. A maiden tax expense of Rs 4.78 crore was noted as impacting net profit results.

Rishi Gupta, the Managing Director and CEO, expressed optimism about the company's performance and its readiness to explore new market opportunities. Meanwhile, Fino's shares on the BSE closed slightly up at Rs 388.55 per share, defying the broader market's downward trend.

(With inputs from agencies.)