Fino Payments Bank reports Q2 loss as income declines

Fino Payments Bank has reported a net loss of ₹20.9 crore for the second quarter of the fiscal year, a significant reversal from the ₹15.4 crore profit recorded in the same period last year. This marks the company's second consecutive quarter of losses following operational challenges earlier this year.

Total income for the quarter stood at ₹333.6 crore, representing a 16.6% decline from the ₹400.1 crore reported a year ago. The contraction was largely driven by a 23.8% drop in fees and commissions from core banking and payment services, which could not be fully offset by a 24% rise in interest-related income.

Despite a 6.4% reduction in total expenditure to ₹354.5 crore, costs remained above the company's total income. The quarterly loss widened by 52.3% compared to the ₹13.7 crore loss posted in the previous June quarter, reflecting ongoing pressure on the bank's profitability.