CLSA initiates coverage on Fino Payment Bank BUY TP Rs480 The bank for rural India Fino is a capital-light business that largely relies on fees for revenue and has significant operating leverage Expect a 22% revenue Cagr in FY21-24, leading to PAT rising from Rs0.2bn in FY21 to Rs1.5bn by FY24 Diverse product offerings Asset light model - Significant operating leverage Profit margins of 4-11% expected in FY22-24 Expect an opex Cagr of 19% in FY21-24 with overhead expense growing at only an 11% Cagr versus 22% top-line growth for the same period 4.9K views14:54
