Shares of Fino Payments Bank gained nearly 17% on Thursday, October 8, after the company reported a positive business update for the second quarter.
This is the biggest single-day gain for the stock since July 13 this year, when the stock had risen as much as 19%.
During the September quarter, Fino Payments Bank’s average total deposits increased by 13% to ₹2,794 crore from ₹2,314 crore last year, while its renewal income was up 20% to ₹28 crore from ₹23.3 crore in the year-ago period.
The payments bank’s digitally active customers also increased by 13% to 64.9 lakh in the second quarter from 57.3 lakh in the same period last year. Meanwhile, the FinoPay active customers were up 12% to 8.1 lakh, an increase of 0.9 lakh when compared to the year-ago period.
Fino Payments Bank’s loan-referral disbursals more than tripled in value during the quarter, increasing by 3.2 times to ₹278 crore, compared to ₹86 crore in the year-ago period.
Its CMS throughput was up 10% to ₹6,918 crore, an increase of ₹637 crore from the second quarter of the previous fiscal.
Amidst these positive metrics, there were two negatives that stood out for Fino Payments Bank as well during the quarter. The two negatives were updates on the number of accounts opened and the transaction throughput.
The number of accounts opened were at 2.45 lakh, down 17% or by 50,083 from last year. Its transaction throughput was at ₹3,469 crore, down 10% or by ₹397 crore from last year.
Shares of Fino Payments Bank gained 16.8% to hit an intraday high of ₹150.4 apiece on Thursday. The stock is now trading 13.3% higher at ₹145.96. The stock is down 43% so far this year.
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