Jio Financial Services Posts ₹310 Crore Net Profit in Q4

22 Apr 2024 , 06:59 AM

Jio Financial Services recorded a net profit of ₹310 Crore for the January-March quarter of the financial year 2023-24. The company’s net interest income (NII) for the quarter amounted to ₹280 Crore, with total income and revenue reaching ₹418 Crore.

In the previous quarter, Jio Financial Services reported a net profit of ₹293 Crore and a net interest income of ₹269 Crore. Its total interest income and revenue were recorded at ₹414 Crore and ₹413 Crore, respectively.

In its investor presentation for the quarter, the company revealed that its total loans amounted to ₹173 Crore, compared to ₹41 Crore in the corresponding period last year. Additionally, it mentioned its expansion plans into vendor financing, home loans, loans against property, and loans against mutual funds.

Jio Financial Services announced a 50:50 joint venture with US-based BlackRock for wealth management and broking in India on April 15. Two companies will be incorporated for wealth management and brokerage.

Earlier, in July 2023, Jio Financial Services and BlackRock had disclosed plans for a 50:50 joint venture with a $150 million investment each to enter the asset management business in India.

Jio Financial Services, originally a subsidiary of Reliance Industries (RIL), became an independent entity and was listed on Indian stock exchanges in August 2023. The company offers financial services, including payment services and insurance broking, with its subsidiaries Jio Finance holding an NBFC license from the RBI and Jio Payments Bank registered as a payments bank in India.

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