New Delhi: The recent Fino Payment Bank has witnessed good growth throughout the main parameters during the first half of the current fiscal year and expects to grow around 30-35% in terms of income in the long term, manager director and CEO Rishi Gupta said .
Fino Payment Bank has been a profit-making company since the last quarter of FY20 and most of its income comes from transaction costs.
It was listed on the Stock Exchange with an IPO in November this year.
“We have become a profitable company, we have shown good growth.
In the first half of this year, the value of our transaction rose 51%, our income rose 36% and our profit rose 73%,” he said.
“Our business is growing, basically nothing has changed for us since when we go public.
Sustainability with good growth of 30-35 percent both at revenue growth and growth leverage operations also exist.
We will continue to see growth in our profits,” said Gupta, who is also the founder of the Fino Payment Bank.
He believes the bank is at a sweet point among peers, especially those registered because the bank is the only beneficial company in this space and its business is also growing.
Gupta says Fino is a very different bank payment compared to other Fintech players on the market.
“Our target segment is very different, we are looking at people who are in the middle and lower income segment.
We serve not necessarily in digital mode but also physically.
As a bank, 97 percent of our income comes from transaction costs and no risk Credit in such a way that our portfolio can be bad, “he said further.
In the future, bank payments will launch a number of new products for its customers such as international money delivery services and mutual funds, in addition to several other consumer and business products.
For these two products, Fino is awaiting regulatory approval, the official said.
Fino Payments Bank is a subsidiary wholly owned from Fino Paytech Limited (FPL).
FPL is supported by Marquee investors such as Blackstone, ICICI Group, Bharat Petroleum, and IFC, among others.
Over the past few years, banks have witnessed a steep wave in the transaction volume behind digitizing and the proliferation of the banking point.
In the FY’21 Platform Bank Payment facilitated more than 43.4 Crore transactions have a gross transaction value of Rs 1.32 lakh crore.
Fino Payment Bank has the largest Micro ATM network in March 2021 with a market share of 55 percent, a 6.4 lakh merchant network, and 25.7 lakh.