Fino Payments Bank Quarter Two Updates - What Stands Out ?

Fino Payments Bank (

) September 2026 business update highlights growth across deposits, digital customers, renewal income and loan referrals. However, some indicators in its transaction business show that the operating picture remains mixed. Key Business Highlights * Loan referral disbursals surged 223% year-on-year to ₹278 crore in September, compared with ₹86 crore a year earlier. * Average total deposits increased 13% to ₹2,794 crore. * Renewal income rose 20% to ₹28 crore. * The CASA customer base reached 1.91 crore, while digitally active customers grew 13% to 64.9 lakh. * Cash Management Services (CMS) throughput increased 10% to ₹6,918 crore. What Needs Attention? Transaction throughput declined 10% year-on-year to ₹3,469 crore, while new deposit accounts fell 17% to 2.45 lakh. B2B UPI P2M throughput was nil in September, compared with ₹961 crore a year earlier. My View Fino’s loan referral growth and rising deposits are encouraging, but investors should assess whether these trends translate into sustainable revenue and profitability. The decline in transaction throughput and new account openings warrants attention. The next key monitorables are deposit mobilisation, transaction volumes, fee income and the consistency of growth across business segments. Also, these figures are provisional and unaudited, so they should be interpreted accordingly.