Jio Financial Posts Q3 Growth, Expands Digital Services

21 Jan 2025 , 11:09 AM

The financial services arm of Reliance Industries Ltd, Jio Financial Services Ltd (JFSL), said that its standalone net profit for Q3 FY24 rose 0.3% YoY to ₹294.8 crore from ₹293.8 crore in the year-ago quarter. The income from the operations of the company has increased by 6% YoY and stands at ₹438.4 crore as against ₹413.6 crore in the same period last year.

AUM grew 2x, reaching ₹4,199 crore in Q3 FY24 from ₹1,206 crore in Q2 FY25. JFSL increased its CASA customer base by 25% QoQ to reach 1.89 million accounts. The company further inducted its payment solutions into JioBharat, thereby driving the adoption of digital services.

On average, JFSL averaged 7.4 million monthly active users across its digital platforms. It operated in seven cities with nine offices and increased the Payments Bank Business Correspondent network to 7,300 outlets.

JFSL partnered with the MyJio app as part of a strategic marketing move to boost customer acquisition. Jio Payments Services Ltd (JPSL) obtained an Online Payment Aggregator license to expand its payment solutions portfolio.

In addition, Jio BlackRock Asset Management Private received final regulatory approval, which is another milestone in the group’s growing financial services ecosystem. In addition, JFSL applied for a TPAP license for its JioFinance app to strengthen its digital finance offerings.