Fino Payments Bank shares jump 20% to ₹162.48 on Monday
Fino Payments Bank's stock shot up 20% to ₹162.48 on Monday, reaching its highest level in four months.
The rally came right after the bank shared its June business update, highlighting big gains in deposits and loan referrals, news that sparked the stock's biggest single-day surge in a while.
Average deposits up 11% to ₹2,755cr
The bank grew its average deposits by 11% year-on-year to ₹2,755 crore and added 3.1 lakh new accounts in June, pushing its total customer base to 1.8 crore.
Digital engagement is also on the rise, with active users on the FinoPay app jumping 38% to 8.4 lakh.
Plus, loan referrals soared to ₹240 crore, up more than threefold from last year, as Fino gears up for a shift into Small Finance Bank territory and teams up with fintech Ezee.ai for AI-powered lending solutions.