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Emkay Global Financial's research report on Fino Payments Bank

Fino posted a slight 2.5% beat on PAT at Rs240mn, owing to strong momentum in CASA and the DPS segment, and partly offset by continued cannibalization of the remittance business. Overall throughput grew at a healthy pace of 27% YoY/11% QoQ to Rs1.3trn, mainly driven by DPS growth of 75% YoY/27% QoQ. Deposits grew at a strong pace – up 37% YoY to Rs19.4bn, aided by healthy new CASA account additions of ~0.9mn in Q4. While remittance income remains under pressure, AEPS and MATM income held steady; CMS declined 13% QoQ due to rising competition. The bank expects the improving DPS/CASA revenue and operating leverage to support profitability. It remains hopeful of securing an SFB license soon which should open up the lending opportunity.

Outlook

We believe Fino offers a unique long-term play on the payments cum lending business, delivering sustainably higher RoA/RoE; hence, we retain BUY with unchanged TP of Rs 300, implying FY27E P/B and P/E of 2.5x and 19x, respectively.

For all recommendations report, click here

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Fino Payments Bank - 30042025 - emkay

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