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Informist, Wednesday, Apr. 29, 2026 

By Shumaila Firoz 

MUMBAI – Fino Payments Bank Ltd. reported a sharp decline in its net profit for the March quarter as its other income fell. The net profit fell despite a fall in the lender's total expenses. The payment bank failed to beat the net profit estimate of Emkay Global Financial Services Pvt. Ltd., the sole brokerage tracking its earnings for the March quarter.

The payment bank reported a net profit of INR 71 million, down more than 70% on year and over 42% sequentially. Emkay Global had expected the company to report a net profit of INR 130 million. The bank's other income for the quarter fell over 37% on year and nearly 17% on quarter to INR 2.76 billion. Its total income fell over 31% on year and nearly 14% from the trailing quarter to INR 3.40 billion.

The payment bank's total expenses excluding provisions and contingencies fell nearly 28% on year to INR 3.35 billion and nearly 11% from the trailing quarter. Of the total expenses, other operating expenses fell nearly 34% on year and over 13% on quarter to INR 2.52 billion. Employee costs fell nearly 65% on year and nearly 2% on quarter to INR 533.2 million.  

During the December quarter, Fino Payments Bank had received approval from the Reserve Bank of India to transition into a small finance bank, which was expected to happen in the March quarter. The board had also approved the reappointment of Managing Director and Chief Executive Officer Rishi Gupta at the time.

However, in subsequent developments, the bank withdrew the proposal to reappoint Gupta, citing governance considerations in the wake of a goods and services tax-related investigation. It said the matter would be revisited after regulatory and internal assessments, including evaluation of his "fit and proper" status and guidance from the RBI. The bank maintained that the investigation pertains to certain programme managers and not the bank itself. Additionally, Chief Compliance Officer Aashish Pathak resigned in March citing personal reasons.

The payment bank's average deposits rose 20% on year to INR 25.35 billion for the reporting quarter, and its improving digital traction was reflected in a 25% increase in active users to 820,000 in the quarter. Fino Payments Bank's capital adequacy ratio as on Mar. 31 was 83.95%.

The bank's net profit for the financial year 2025-26 (Apr-Mar) fell over 43% on year to INR 524.60 million and total income fell over 14% to INR 15.88 billion. Wednesday, Fino Payments Bank's shares closed 0.7% higher at INR 134.36 on the National Stock Exchange. The bank announced its financial results after market hours.  End

Edited by Rajeev Pai

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