The share price of this Fintech company rose around 7 percent to Rs 310.70 per share on Tuesday after the company applied for an SFB license with the Reserve Bank of India.
At 1:30 p.m., Fino Payments Bank Ltd shares were quoted at Rs 298.15 per share, up 2.44 percent on the National Stock Exchange. The stock belongs to the small-cap category with a market capitalization of Rs 2,490 crore.
As per reports, Fino Payments Bank has applied for a small finance bank (SFB) license with the Reserve Bank of India (RBI). On July 28, 2023. The company’s board approved the proposal for the transition of the bank into a small finance bank (SFB).
The company’s revenue has jumped by 76 percent yearly, rising from Rs 21 crore in Q2FY23 to Rs 37 crore in Q2FY24. Further, within the same period, Net profit has increased by 43 percent from Rs 14 crore to Rs 20 crore.
Fino Payments Bank shares have gained 9 percent in the last six months and company shares have gained 11 percent in a year.
Fino Payments Bank fintech company offers a diverse range of financial products and services that are primarily digital and have a payments focus. It offers such products and services to the target market via a Pan-India distribution network.
The company has a customer base of over 9 million. In the September quarter of FY24, the company generated 64 percent revenue from transaction income and 36 percent revenue from Subscriptions and others.
The company accounted for around 37 Cr UPI transactions in Q2’24, Contributing 1.25% of overall UPI volumes and opened 50k Digital accounts in Q2’24.
The company’s key business partners include Delivery Ltd, Kotak Mahindra Bank, Jio Mart, Ola, Bharat Petroleum, and many others.
As of Q2FY24, the company’s product mix includes Current accounts and Savings accounts (CASA) accounted for 21%, followed by Business Correspondence (BC) Banking at 9%, Facilitating domestic remittances to 30% and Cash Management Services (CMS) at 9%.
Written by Omkar Chitnis
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