With respect to Distribution network the company said that the penetration deepened further the number of registered merchants climbed by 33.8% YoY to 13.7 lakhs.

Bank accounts opened during the quarter grew by 23.7% YoY at 8.3 lakh. Product Mix substantially improved in favour of high margin products. Revenue from CASA and CMS is 29% of total in Q4 FY23 as against 20% in Q4 FY22. CMS throughput increased more than doubled YoY to Rs 13,261 crore, riding on increased client base.

Total deposits grew 66% YoY from Rs 1,200 crore as on 31 March 2023 to Rs 724 cr on 31 March 2022.

On full year basis, the company's net profit increased by 52% to Rs 65.08 crore on 22% rise in total income to Rs 1,229.91 crore in FY23 over FY22.

Rishi Gupta, chief executive officer (CEO) & managing director said, “We performed remarkably well this quarter, despite the existence of macroeconomic challenges, our profitability clearly demonstrates our steady progress. CASA and CMS continue to outperform our expectations and we are very confident of this momentum to continue. This year, we also enhanced on our digital groundwork, the digital throughput gained traction and increased from 16% to nearly 23% between Q1FY23 and Q4FY23. With this, our objective is to establish ourselves as a reliable financial solutions provider for all our customers and to deliver consistent, long-term returns to our shareholders.”

Ketan Merchant, Chief Financial Officer said, “We are thrilled to announce that Q4FY23 was our most profitable quarter till date and FY23 has been highest profitable year since inception of the Bank. As we move into phase II of our Transaction Acquisition Monetisation (TAM) strategy, we are excited to pursue future growth opportunities in our target market and enhance our profitability further. With high margin product focus and operating leverage we will continue to outperform the market.”

Fino Payments Bank is a subsidiary of Fino Paytech Limited, which is backed by marquee investors like Bharat Petroleum, ICICI group, Blackstone, IFC, Intel and LIC among others. The Mumbai‐based bank operates on an asset light business model that principally relies on fee and commission-based income generated from merchant network and strategic commercial relationships.