Jio Financial Services (Image Source: IANS, Getty)
Jio Financial Services announced a 6 per cent sequential growth in consolidated net profit, of Rs 310.6 crore for the quarter concluding in March 2024, marking a significant increase from Rs 294 crore in the preceding December quarter.
Comparatively, in the preceding quarter, it recorded a net profit of Rs 293 crore and a net interest income of Rs 269 crore. During this period, its total interest income stood at Rs 414 crore, while revenue reached Rs 413 crore.
The financial report also announced that total expenses for the March quarter amounted to Rs 103 crore, compared to Rs 98 crore in the September quarter.
For the full fiscal year ending in March 2024, Jio Financial Services witnessed a remarkable surge in net profit, to Rs 1,604 crore from a mere Rs 31 crore in FY23. Similarly, revenues for FY24 experienced a substantial increase, soaring to Rs 1,854 crore, a significant leap from Rs 42 crore in the previous fiscal year.
The consolidated earnings encompass contributions from various subsidiaries, associates, and joint ventures within the Jio Financial ecosystem. These entities include Jio Finance, Jio Payment Solutions, Reliance Industrial Investments and Holdings, Jio Insurance Broking, Jio Infrastructure Management Services, Jio Information Aggregator Services, Reliance Services and Holdings, Petroleum Trust, and the JV entity Jio Payments Bank.
On Friday, the shares of Jio Financials closed at Rs 370, 2.22 per cent down from the previous day’s closing. The 52 week high and low of the share is Rs 384.40 and Rs 202.80 respectively.
Recently, BlackRock, Inc. and BlackRock Advisors Singapore Pte. Ltd. have joined hands with the company in a 50:50 joint venture agreement. The collaboration aims to establish a robust presence in the wealth management sector, including the incorporation of a wealth management company and subsequent formation of a brokerage company in India.
This partnership, initially announced on July 26, 2023, seeks to usher in a digital-first approach and democratise investment solutions for Indian investors.
With this latest venture, both entities are set to expand their footprint in India’s burgeoning wealth management market, promising innovative solutions and enhanced accessibility for investors across the nation.
