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Fino Payments Bank Ltd

| Financial Results for the Quarter and Year Ended March 31, 2026

Report Source

⬤29th Apr 26

Summary : Fino Payments Bank reported reduced profits, negative operating cash flow, but strong deposit growth and received approval for Small Finance Bank transition, amidst leadership changes.

Quarterly Report Analysis & Insights

Financial Disclosures

  1. Interest Expended: 11,428 lakhs (FY26) vs 10,058 lakhs (FY25).
  2. Operating Expenses: 1,40,185 lakhs (FY26) vs 1,63,817 lakhs (FY25).
  3. Employees cost: 22,229 lakhs (FY26) vs 21,276 lakhs (FY25).
  4. Other operating expenses: 1,17,956 lakhs (FY26) vs 1,42,541 lakhs (FY25).
  5. Total Income: 1,58,793 lakhs (FY26) vs 1,84,710 lakhs (FY25).
  6. Interest Earned: 24,818 lakhs (FY26) vs 19,523 lakhs (FY25).
  7. Other Income: 1,33,975 lakhs (FY26) vs 1,65,187 lakhs (FY25).
  8. Net Cash Flow from Operating Activities: (30,671) lakhs (FY26) vs 7,619 lakhs (FY25).
  9. Net Cash Flow from Investing Activities: (14,272) lakhs (FY26) vs (16,445) lakhs (FY25).
  10. Net Cash Flow from Financing Activities: 69,584 lakhs (FY26) vs 12,690 lakhs (FY25).
  11. Cash and cash equivalents at year end: 1,35,060 lakhs (FY26) vs 1,10,419 lakhs (FY25).
  12. Total Assets: 5,31,190 lakhs (FY26) vs 4,20,593 lakhs (FY25).
  13. Deposits: 2,37,949 lakhs (FY26) vs 1,93,944 lakhs (FY25).
  14. Borrowings: 1,53,530 lakhs (FY26) vs 83,946 lakhs (FY25).
  15. Investments: 3,25,445 lakhs (FY26) vs 2,38,813 lakhs (FY25).
  16. Reserves and Surplus: 68,704 lakhs (FY26) vs 63,608 lakhs (FY25).
  17. Standalone (no subsidiaries, associates, or joint ventures).

Corporate Overview

  1. India (primary operations)
  2. Registered Office: Navi Mumbai
  3. Arrest of MD & CEO, Mr. Rishi Gupta, by DGGI.
  4. Ensuring administrative and operational continuity during leadership changes.
  5. Fees and commission from CASA, micro-ATMs, AePS.
  6. Domestic remittances, debit cards, third-party products.
  7. Insurance, gold loans, Business Correspondent Banking.
  8. Digital Payment Services, Cash Management Services.
  9. Factual and compliant, reporting financial results and board decisions.
  10. Retail customers
  11. Corporate/Wholesale customers
  12. Corporate/Wholesale Banking
  13. Retail Banking
  14. Treasury
  15. Other Banking Operations
  16. Received in-principle approval for transition to Small Finance Bank.

Risk Factors

  1. MD & CEO arrested, interim leadership.
  2. Net profit after tax significantly declined.
  3. Operating cash flow turned negative.
  4. New Labour Codes' potential financial impact.

Key Drivers

  1. Small Finance Bank transition approved.
  2. Deposits and borrowings show strong growth.
  3. Unmodified audit opinion on financials.
  4. Strengthening UPI P2M service controls.

Auditor’s Report

  1. Unmodified opinion on annual financial results.
  2. No modification on quarterly financial results review.
  3. Pillar III disclosure under Basel II Capital Regulations not audited.
  4. Attention drawn to Note 12 regarding MD & CEO's arrest.

Board Commentary

  1. Re-appointment of Mr. Aninda Mukherjee as Chief Risk Officer.
  2. Appointment of Mr. Ketan Merchant as Interim CEO.
  3. Appointment of Mr. Anup Agarwal as Interim CFO.
  4. Arrest of MD & CEO and its potential impact.
  5. One-time impact of new Labour Codes on employee benefits.
  6. Arrest of MD & CEO, Mr. Rishi Gupta, by DGGI.
  7. Potential financial impact from new Labour Codes, 2019-2020.
  8. Transition to Small Finance Bank (in-principle approval).

Corporate Governance

  1. Adherence to ICAI Code of Ethics for auditors.
  2. Rajat Kumar Jain serves as Part-Time Chairman & Independent Director.
  3. Audit Committee
  4. Nomination and Remuneration Committee
  5. Arrest of MD & CEO, Mr. Rishi Gupta, on February 27, 2026.

Management Discussion & Analysis

Future Strategy

  1. Transitioning to a Small Finance Bank.
  2. Strengthening controls for UPI P2M services.

Operational Focus Areas

  1. Maintaining risk governance and policy framework.
  2. Driving control enhancements through risk assessment.
  3. Ensuring business continuity during leadership transitions.

Performance Drivers

  1. Growth in fees and commission income.
  2. Expansion of CASA, micro-ATMs, AePS transactions.
  3. Increased domestic remittances and debit card usage.
  4. Third-party product distribution (insurance, gold loans).

Risk Control Measures

  1. Appointed Interim CEO and CFO for continuity.
  2. Initiated independent risk-based review of UPI P2M controls.
  3. Conducted actuarial assessment for Labour Codes impact.
  4. Re-appointed Chief Risk Officer to oversee risk management.

Critical Risks

  1. Reputational and operational risks due to MD & CEO's arrest.
  2. Potential financial impact from new Labour Codes.
  3. Market risk on investment portfolio and foreign currency assets.