Abhishek Securities

  Fino Payments Bank has reported a profit after tax of Rs 4.5 crore in the second quarter of FY 2021, up 136 percent from Rs 1.9 crore in the previous quarter, the Mumbai-based bank said on November 25. At an operational level, the bank had reported profitability in the last financial year. It reported a total transaction settlement of Rs 33,000 crore in the September quarter, up 43 percent from year-ago period. Overall, the bank had an operating profit of Rs 13 crore. The performance came on the back of a network of 5.5 lakh businesses that offer banking services to consumers across the nation. These include Fino’s own and its partner’s physical network. “The biggest positive for us is the change in customer’s banking behaviour resulting in increased transactions. We will continue to explore growth opportunities in payment services as well as the trillion-dollar digital payments space and create value for all our stakeholders,” said Rishi Gupta, chief executive officer, Fino Paym...

The road to recovery for India's economy may just be smoother. Rural financing (for vehicles and farm equipment), one of the most critical indicators, has given economy watchers something to smile about. Small finance banks like Utkarsh Small Finance Bank, Suryoday Small Finance Bank and Fino Payment Bank. Leading finance companies such as Cholamandalam, Mahindra Finance, HDFC, L&T and Manappuram are seeing a 40 -60% higher collections and disbursements from their rural branches. At Kerala-based Manappuram Finance, one of the largest non-banking finance companies, with nearly 4,200 branches in 25 states, its chief executive VP Nandakumar said, "In June, disbursements went up 5060% from May, reaching 80-85% of pre-Covid levels due to demand for two-wheeler, tractors and entry-level cars. Collections have improved and 25% of those availing moratorium have started paying instalments in June." He expects this momentum to stay next quarter Finance companies say they ...