Jio Financial Services reports double growth in net profit to Rs 668 crore

17 Oct 2023 , 09:49 AM

Jio Financial Services, a subsidiary of Reliance Industries, reported a profit of Rs 668 crore in the quarter ending September 2023, up from Rs 332 crore in the previous quarter.

Even while activities were modest, profit increased mostly owing to dividend income from its shareholdings.

The business, which went public in August, benefited from Rs 217 crore in dividend income during the quarter, increasing overall income by 47% to Rs 608 crore from Rs 414 crore in the previous quarter ending June 2023. Spending rose 31% to Rs 71 crore from Rs 54 crore a year earlier, owing mostly to a 1.5-fold rise in personnel spending to Rs 31 crore from Rs 12 crore in June.

Separately, the business announced the appointment of A R Ganesh, a former ICICI executive, as chief technology officer. Ganesh has been named a senior management staff with effect from October 16.