Fino Payments Bank Limited, an Indian online banking services provider, said that its profit after tax (PAT) for the third quarter of fiscal year 2022 (Q3FY22) increased by 116% year-over-year (YOY) to INR 14.1 crores.

The fully-owned subsidiary of Fino Paytech said that its Q3FY22 revenue was up by 20% YOY to INR 275.16 crores owing to a 75% YOY growth in subscription income.

Fino Payments Bank claims to have opened over two lakh bank accounts in a month for the first time in December 2021. By the end of 2021, Fino Payments Bank is said to have opened 39.2 lakh accounts.

During the quarter that ended 31 December 2021, the online banking services provider had secured approval from the Reserve Bank of India (RBI) to start cross-border remittance through Money Transfer Service Scheme (MTSS) scheme.

Rishi Gupta — CEO and Managing Director of Fino Payments Bank said: “It is another standout quarter for us with emerging businesses like liabilities accounts and CMS achieving record volumes. The third quarter is traditionally marked by festivities in India that leads to a surge in payment businesses like those of Fino Bank.

“Our consistent focus and execution excellence resulted in capitalising the festive spirit in Q3FY22. Our sequential revenue growth in Q3FY22 is 13.6% over Q2FY22 while the year-on-year growth is at 20%.”

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