Fino Payments Bank , a key player in India's fintech landscape, has reported a mixed set of financial results for the second quarter. The bank saw an increase in revenue but experienced a decline in profitability compared to the same period last year.

Revenue Growth

Fino Payments Bank reported a total income of ₹601.00 crore for Q2, up from ₹478.00 crore in the corresponding quarter of the previous year. This represents a significant year-over-year growth of 25.73% in the bank's top-line performance.

Profit Decline

Despite the revenue growth, the bank's net profit for the quarter stood at ₹15.40 crore, down from ₹21.20 crore in Q2 of the previous year. This marks a 27.36% decrease in profitability year-over-year.

Key Financial Metrics

Here's a breakdown of Fino Payments Bank's key financial metrics for Q2:

Operational Highlights

The bank's interest earned saw a substantial increase, rising from ₹477.50 crore to ₹601.10 crore, reflecting a growth of 25.88%. However, other income decreased by 16.61% year-over-year, from ₹4,076.60 crore to ₹3,399.40 crore.

Operating expenses for the quarter decreased by 13.16%, from ₹4,044.30 crore to ₹3,512.10 crore, indicating improved operational efficiency.

Market Position

Fino Payments Bank continues to focus on expanding its digital banking services and financial inclusion initiatives. The bank's ability to grow its revenue in a competitive fintech landscape demonstrates its strong market position and customer acquisition strategies.

As the financial sector continues to evolve with digital transformation, Fino Payments Bank's performance in the coming quarters will be closely watched by investors and industry observers alike.

Fino Payments Bank Limited has announced significant leadership decisions, extending the tenures of key executives to ensure continuity and stability in its top management.

CEO Reappointment

The bank has approved the re-appointment of Rishi Gupta as its Managing Director and Chief Executive Officer for an additional three-year term. This move underscores the bank's confidence in Gupta's leadership and vision for the future of digital banking in India.

Key Details of the CEO Re-appointment

Chairman Reappointment

In addition to the CEO's reappointment, Fino Payments Bank has received approval from the Reserve Bank of India (RBI) for the re-appointment of Rajat Kumar Jain as Part-Time Chairman. This approval extends Jain's tenure for another three-year term.

Key Details of the Chairman Re-appointment

About the Executives

Rishi Gupta

Rishi Gupta brings a wealth of experience to his role at Fino Payments Bank:

• One of the founders of Fino PayTech Limited, the holding company of Fino Payments Bank
• 31 years of experience in financial services
• Qualified Chartered Accountant (Rank Holder) and Cost & Management Accountant
• Bachelor's degree in commerce from Shri Ram College of Commerce, University of Delhi
• Previously served as COO and CFO of Fino PayTech Limited
• Founding member of the Business Correspondent Federation of India (BCFI)
• Co-Chair of the Fintech Committee of Confederation of Indian Industry

Gupta's Achievements

• Awarded "CFO100 Roll of Honor" for three consecutive years (2011-2013)
• Received the India CFO Award for excellence in Finance in 2014
• Honored with the "CA Entrepreneur-Path Breaker – Banking & Financial Services" award by the Institute of Chartered Accountants of India (ICAI) in 2018

Rajat Kumar Jain

• Alumnus of IIT Delhi and IIM Ahmedabad
• Currently serves as Founder Director of Padup Ventures, a knowledge and mentoring platform for early-stage tech companies

These reappointments signal Fino Payments Bank's commitment to maintaining stability in its top leadership as it continues to navigate the evolving landscape of digital banking in India. The bank's decisions reflect confidence in both Gupta's and Jain's abilities to steer the organization through the next phase of its growth and development in the competitive fintech sector.