Fino Payments Bank Ltd. · NSE:FINOPB
Fino Payments Bank — Q4 FY2024 Earnings Presentation
35 slides from Fino Payments Bank's earnings presentation, Apr 30, 2024
Slide 1: Cover letter to stock exchanges
April 30, 2024 BSE Limited National Stock Exchange of India Limited P.J. Towers, Exchange Plaza, 5th Floor, Plot No. C/1, G Dalal Street, Block, Bandra - Kurla Complex, Mumbai- 400 001 Bandra (E), Mumbai - 400 051 (Scrip Code: 543386) (Symbol: FINOPB) Dear Sir/Madam, Sub: Investor Presentation under
Slide 2: Investor Presentation Q4'24 and FY'24
Classification: Confidential Investor Presentation Q4’24 and FY’24 Classification: Confidential
Slide 3: Table of Contents
Classification: Confidential Strategic Update Table of Contents Financial Highlights Fino 2.0 – Digital Update Product Performance #HarDinFino… Classification: Confidential 2
Slide 4: Strategic Update
Classification: Confidential Strategic Update Scan to open bank account Classification: Confidential 3
Slide 5: Key Highlights - FY'24
Classification: Confidential Key Highlights - FY’24 • Sustainable Business Model - consistent 20%+ YoY revenue growth in line with guidance • Expanding Ownership Business - customer base 1.1 crores including 3 lakhs + accounts opened digitally (~ 4 million digitally active) • Building liability fran
Slide 6: Robust Business Model – FY'24
Classification: Confidential Robust Business Model – FY’24 (% Growth YoY) UPI Throughput Digital ₹ 106k Crs Advancement +116% Transaction count Business 211 Crs Volume +75% Highest Ever Revenue Financial ₹ 1,478 Crs Strength +20% Merchant Count Strong 18 Lakh Distribution +28% Return on Equity Build
Slide 7: Three Phases of our Business
Classification: Confidential Three Phases of our Business Phase I: Phase II: Phase III: Transaction Acquisition Monetization FY’21 FY’24 FY’21 FY’24 FY’21 FY’24 Build Distribution Network: Customer Base at ~11 million Fino 2.0+ : Simplified digital Merchant base to ~1.8 million solutions for c
Slide 8: Q4'24 Key Business Highlights (YoY)
Classification: Confidential Q4’24 Key Business Highlights (YoY) Revenue EBITDA PAT Cash Profit ₹ 401.3 Crs ₹ 54.2 Crs ₹ 25.2 Crs ₹ 42.9 Crs 24.1% 26.0% 14.0% 17.2% Digital Txn. Count Throughput Throughput Deposits 61.8 Crs ₹ 102.8k Crs ₹ 42.9k Crs ₹ 1,714 Crs 77.0% 51.7% 174.8% 42.8% Capital Adequa
Slide 9: FY'24 Key Business Highlights (YoY)
Classification: Confidential FY’24 Key Business Highlights (YoY) Revenue EBITDA PAT Cash Profit ₹ 1,478.4 Crs ₹ 191.4 Crs ₹ 86.2 Crs ₹ 149.5 Crs 20.2% 40.7% 32.4% 26.6% Digital Txn. Count Throughput Throughput Deposits 211.0 Crs ₹ 358.5k Crs ₹ 132.6k Crs ₹ 1,714 Crs 74.8% 40.6% 170.8% 42.8% Capital
Slide 10: Geographical Presence
Classification: Confidential Geographical Presence (in 000’s) Jammu & Kashmir 4.0 Himachal Pradesh 5.7 Punjab 45.2 Meghalaya 2.4 Uttarakhand 9.7 Haryana 45.1 Sikkim 2.9 Assam 31.9 Merchants* Branches & Delhi 35.7 Uttar Pradesh 298.7 (‘000) CSPs Tripura 6.1 Merchant/ Mix Count/ Mix Rajasthan 122.8 Bi
Slide 11: Financial Highlights
Classification: Confidential Financial Highlights Scan to open bank account Classification: Confidential 10
Slide 12: Bank Level Profit & Loss
Classification: Confidential Bank Level Profit & Loss Particulars Q4’24 Q3’24 Q4’23 QoQ (%) YoY (%) FY’24 FY’23 YoY (%) (₹ Crs) Revenue 401.3 370.2 323.4 8.4% 24.1% 1,478.4 1,229.9 20.2% Product Cost 273.3 248.0 217.7 10.2% 25.5% 999.8 841.9 18.7% Net Revenue 128.0 122.2 105.8 4.8% 21.0% 478.6 388.0
Slide 13: Financial Highlights – Revenue & EBITDA
Classification: Confidential Financial Highlights – Revenue & EBITDA Revenue (₹ Crs) 20% CAGR 401.3 23% CAGR 1,478.4 1,229.9 323.4 1,008.9 285.3 791.0 231.8 Q4'21 Q4'22 Q4'23 Q4'24 FY'21 FY'22 FY'23 FY'24 EBITDA (₹ Crs) 56% CAGR 54.2 54% CAGR 191.4 43.0 136.1 29.4 84.4 14.4 52.0 6.2% 10.3% 13.3% 13.
Slide 14: Financial Highlights – PAT & Cost to Income
Classification: Confidential Financial Highlights – PAT & Cost to Income PAT (₹ Crs) 49% CAGR 25.2 61% CAGR 86.2 22.1 17.6 Highest ever 65.1 quarterly profit 42.7 7.6 20.5 3.3% 6.2% 6.8% 6.3% 2.6% 4.2% 5.3% 5.8% Q4'21 Q4'22 Q4'23 Q4'24 FY'21 FY'22 FY'23 FY'24 Cost to Income (%) 31.4% (4.9%) (2.3%) 2
Slide 15: Transaction And Subscription & others
Classification: Confidential Revenue Mix Across Parameters (QoQ) 35% Open Banking Own Banking 65% Own and Open Banking 35% 31% 31% 31% Channel Q1’24 Q2’24 Q3’24 Q4’24 65% 69% 69% 69% Subscription & others 36% Transaction And 34% 36% 35% Q1’24 Q2’24 Q3’24 Q4’24 66% 64% 65% 64% Transaction Income 27%S
Slide 16: Product Revenue Mix
Classification: Confidential Product Revenue Mix ( ₹ Crs) Q4’23 v/s Q4’24 FY’23 v/s FY’24 401.3 1,478.4 11%, 40.2 10%, 157.5 1,229.9 323.4 6%, 92.2 9%, 36.8 9%, 103.7 9%, 128.3 11%, 32.4 8%, 32.5 1%, 8.2 1%, 3.1 10%, 124.9 9%, 30.1 31%, 455.1 29%, 117.7 34%, 422.0 32%, 103.3 6%, 25.6 7%, 109.6 9%, 2
Slide 17: Product Portfolio – Growth & Margins
Classification: Confidential Product Portfolio – Growth & Margins Q4’24 Revenue FY’24 Revenue Q4’24 FY’24 Product Drivers (₹ Crs); (₹ Crs); Margins Margins YoY Growth YoY Growth High growth high margin; 91.0 306.8 CASA customer ownership; path to 54% 54% 36% 42% annuity CMS High growth high margin 3
Slide 18: Overall PAT & ROE
Classification: Confidential Overall PAT & ROE Profit After Tax (₹ Crs) PAT for Q4’24 at ₹ 25.2 Cr 13.8 19.1 22.1 18.7 19.5 22.8 25.2 10.1 14% growth over Q4’23 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Return on Equity 16.7% 16.4% 15.0% 15.4% 13.6% 13.7% Annualized ROE of Q4’24 11.2% 8.4% 16.
Slide 19: Fino 2.0 Digital Update
Classification: Confidential Fino 2.0 Digital Update Scan to open bank account Classification: Confidential 18
Slide 20: Digital Journey
Classification: Confidential Digital Journey (QoQ Growth) ~80k digital accounts QR based Merchant Acquiring Model* opened in Q4’24 ( 1%) ~14,000 QRs deployed 48 Cr UPI transactions in Q4’24 ( 12%) Contributing 1.27% of overall UPI ecosystem volume ₹ 33+ Cr 39 lakh+ average digitally active Throughpu
Slide 21: Digital – Building Momentum
Classification: Confidential Digital – Building Momentum Avg. Digitally Active Customers (in lakhs) Throughput Contribution (QoQ) Revenue ( ₹ Crs) 44. 0 Digital Physical Throughput (in Cr) 1.4x Times 120 ,000 120 ,000 ~12x Times 36.8 39.2 39. 0 102,796 100 ,000 93,323 100 ,000 35.6 86,568 42% 28.8 3
Slide 22: Digital – Evolution
Classification: Confidential Digital – Evolution Q1’24 Q3’24 First savings account open banking 6 new partners added to our UPI partner merchant stack More partners integrate with our UPI Introduction of UPI Lite and Credit stack Card linking on UPI Introduction of UPI collect & optimizati
Slide 23: Product Performance
Classification: Confidential Product Performance Scan to open bank account Classification: Confidential 22
Slide 24: Ownership Momentum Continues – Q4 (YoY)
Classification: Confidential Ownership Momentum Continues – Q4 (YoY) No. of CASA Accounts Average Deposits Accounts Opened per Day (in Lakhs) (₹ Crs) 58% CAGR 109.8 25% CAGR 55% CAGR 1,540 9,310 9,237 78.0 7,462 1,103 48.3 689 4,718 28.1 413 Q4'21 Q4'22 Q4'23 Q4'24 Q4'21 Q4'22 Q4'23 Q4'24 Q4'21 Q4'2
Slide 25: Ownership Momentum Continues – FY'24 (YoY)
Classification: Confidential Ownership Momentum Continues – FY’24 (YoY) No. of CASA Accounts Average Deposits Accounts Opened per Day (₹ Crs) (in Lakhs) 58% CAGR 109.8 57% CAGR 1,352 36% CAGR 8,685 8,133 78.0 905 5,545 48.3 562 28.1 352 3,420 FY'21 FY'22 FY'23 FY'24 FY'21 FY'22 FY'23 FY'24 FY'21 FY'
Slide 26: Customer Stickiness – Q4 (YoY)
Classification: Confidential Customer Stickiness – Q4 (YoY) Renewal Income (₹ Crs) Customer Balance (₹) 134% CAGR 39.9 14% CAGR 1,287 1,176 1,040 25.5 870 10.6 3.1 Q4'21 Q4'22 Q4'23 Q4'24 Q4'21 Q4'22 Q4'23 Q4'24 Debit Card Spends (₹ Crs) Debit Card Spends Per Transaction (₹) 51% CAGR 7% CAGR 2,279 3
Slide 27: Customer Stickiness – FY'24 (YoY)
Classification: Confidential Customer Stickiness – FY’24 (YoY) Renewal Income (₹ Crs) Customer Balance (₹) 156% CAGR 127.8 14% CAGR 1,287 1,176 1,040 73.1 870 27.5 7.6 FY'21 FY'22 FY'23 FY'24 FY'21 FY'22 FY'23 FY'24 Debit Card Spends (₹ Crs) Debit Card Spends Per Transaction (₹) 60% CAGR 8,880 8% CA
Slide 28: CMS – High Margin Product – Q4 (YoY)
Classification: Confidential CMS – High Margin Product – Q4 (YoY) CMS Clients Throughput (₹ Crs) Avg. Revenue per Txn (₹) 35% CAGR 208 59% CAGR 25% CAGR 156 17,962 186 136 13,261 107 131 79 85 7,864 4,510 Q4'21 Q4'22 Q4'23 Q4'24 Q4'21 Q4'22 Q4'23 Q4'24 Q4'21 Q4'22 Q4'23 Q4'24 Diversified clientele a
Slide 29: CMS – High Margin Product – FY'24 (YoY)
Classification: Confidential CMS – High Margin Product – FY’24 (YoY) CMS Clients Throughput (₹ Crs) Avg. Revenue per Txn (₹) 35% CAGR 208 65,587 29% CAGR 77% CAGR 155 186 125 46,144 131 94 73 85 23,885 11,828 FY'21 FY'22 FY'23 FY'24 FY'21 FY'22 FY'23 FY'24 FY'21 FY'22 FY'23 FY'24 28 Clients with thr
Slide 30: CMS: Sector Diversification – FY (YoY)
Classification: Confidential CMS: Sector Diversification – FY (YoY) 19% 15% 13% 6% 17% 7% 4% 4% 2% 4% 6% 6% FY’22 FY’23 FY’24 84% 51% 62% Throughput ₹ 23,885 Cr ₹ 46,144 Cr ₹ 65,587 Cr NBFC & MFI E-com (Logistic) CRA Retail Banks Accelerated growth path helped by 11 states with average monthly throu
Slide 31: Remittance
Classification: Confidential Remittance Revenue (₹ Crs) Take Rate 117.7 455.1 422.0 0.86 0.86 103.3 Q4'23 Q4'24 FY'23 FY'24 Q4'23 Q4'24 Throughput (₹ Crs) Average Ticket Size (₹) 13,668 52,695 2,931 12,023 48,827 2,674 Q4'23 Q4'24 FY'23 FY'24 Q4'23 Q4'24 One of the pioneers in the remittance industr
Slide 32: AEPS
Classification: Confidential AEPS Revenue (₹ Crs) Take Rate 29.5 127.3 25.6 109.6 0.30 0.30 Q4'23 Q4'24 FY'23 FY'24 Q4'23 Q4'24 Throughput (₹ Crs) Average Ticket Size (₹) 9,609 41,635 2,754 2,614 7,372 32,873 Q4'23 Q4'24 FY'23 FY'24 Q4'23 Q4'24 Decline in revenue contributed by ecosystem challenges
Slide 33: Micro-ATM
Classification: Confidential Micro-ATM Revenue (₹ Crs) Take Rate 123.0 28.6 84.9 0.35 0.35 19.6 Q4'23 Q4'24 FY'23 FY'24 Q4'23 Q4'24 Throughput (₹ Crs) Average Ticket Size (₹) 3,850 17,664 2,899 3,745 3,938 13,032 Q4'23 Q4'24 FY'23 FY'24 Q4'23 Q4'24 Continue to be the one of the dominant players in t
Slide 34: Key Business Partners
Classification: Confidential Key Business Partners #HarDinFino… Classification: Confidential 33
Slide 35: Thank You
Classification: Confidential Scan to locate Mindspace Juinagar, Plot No Gen 2/1/F, Tower 1, 8th Floor, TTC Industrial Area, MIDC Shirwane, Juinagar, Navi Mumbai - 400 706 Email: investor_relations@finobank.com Tel: 022-7104 7000 Thank You Classification: Confidential 34