Jio Financial logs consolidated profit of ₹313 Crore

16 Jul 2024 , 10:59 AM

Jio Financial Services Ltd said its net profit increased sequentially to ₹312.63 Crore in the June quarter of the current fiscal year, up from ₹310.63 Crore in the previous three months.

The company’s overall income for the quarter ended June 30 was ₹417.82 Crore, compared to ₹414.13 Crore a year ago and ₹418.18 Crore for the quarter ended March 31, according to a corporate statement on July 15.

The previous year’s quarter profit was ₹331.92 Crore.

Total expenses increased to ₹79.35 Crore in the June quarter from ₹53.81 Crore a year earlier, but declined from ₹103.12 Crore in the previous March quarter.

According to an investor presentation, State Bank of India’s stake in Jio Payments Bank fell to 21.45% at the end of the June quarter, down from 22.75% the previous quarter.

The company stated that Jio Insurance Broking will launch new digital products, increase its embedded insurance portfolio, and expedite institutional channel expansion.

The company also stated in its presentation that Jio Payments Bank will focus on channel expansion, increasing transactions through these channels, and cross-selling products.

Jio Finance Ltd plans to offer loans against property and securities, according to a presentation.

Earlier this year, the business launched a loan against mutual funds as well as auto and two-wheeler digital insurance.

“Forward-looking statements are based on assumptions and projections about future events. The companies mentioned in this presentation cannot guarantee that these assumptions and expectations are correct or will be met,” Jio Financial Services stated.

The Reliance Group-backed financial organisation announced the formation of a 50:50 joint venture to conduct wealth business in India, including the establishment of a wealth management company and, later, a brokerage firm.

At around 10.17 AM, Jio Financial was trading 1.97% lower at ₹348.40, against the previous close of ₹355.40 on NSE. The counter touched an intraday high and low of ₹350.35, and ₹346.75, respectively.

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