Mumbai-based Fino Payments Bank on April 30 reported a net profit of Rs 25.2 crore for the quarter ended March 31, 2024, rising 14 percent from Rs 22 crore reported last year.
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The average deposits of the lender grew 49 percent on a year-on-year (YoY) basis from Rs 905 crore in FY23 to Rs 1,352 crore in FY24.
Shares of the lender closed for trading on April 30 on the BSE at Rs 293.75 a piece, 0.41 percent lower.
Transition to SFB
Fino Payments Bank had applied for a small finance bank (SFB) license with the Reserve Bank of India (RBI) on January 8, 2024.
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“During the quarter ended December 31, 2023, the Reserve Bank of India has received one application under the Guidelines for ‘on tap’ Licensing of Small Finance Banks in the Private Sector dated December 05, 2019 from Fino Payments Bank Limited,” RBI said in a statement on January 8.
On July 28, the bank’s board approved the proposal for the transition of the bank into an SFB.
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The payment bank also stated that they have constituted a committee to explore the possibility of group corporate restructuring and evaluate its implications and other considerations.
