Jio Financial Services Ltd, the financial services division of Mukesh Ambani-led Reliance Industries Ltd (RIL), reported a marginal 0.3% increase in net profit to Rs 294.8 crore for the third quarter ended December 31, 2024, over the same period last year. year.
In the corresponding quarter of the previous fiscal, Jio Financial Services posted a net profit of Rs 293.8 crore. The company’s revenue from operations also witnessed a growth of 6% to reach Rs 438.4 crore, compared to Rs 413.6 crore in the same period of the previous financial year.
The financial results were announced after the market closed, with shares of Jio Financial Services Ltd closing at Rs 279.05, representing an increase of Rs 2.30 or 0.83% on the BSE.
Jio Financial Services noted a significant rise in its assets under management (AUM) in the last quarter, rising to Rs 4,199 crore from Rs 1,206 crore in Q2FY25. The payments bank also registered strong growth, with its CASA (current account) customer base expanding and savings account) by 25% on a quarterly basis to reach 1.89 million. Moreover, JFSL has successfully integrated its payment solutions into JioBharat.
The company’s online presence is expanding, as reported by JFSL, with an average of 7.4 million monthly active users (MAUs) interacting across all digital platforms. With operations in seven cities and nine offices, the NBFC continues to grow. Furthermore, JFSL’s payments bank business correspondent network now extends to 7,300 outlets.
JFSL has entered into a strategic marketing partnership with MyJio App. Moreover, Jio Payments Services Ltd (JPSL) has successfully obtained an online payment aggregator license. Jio BlackRock Asset Management Private has submitted its application for final approval, while JFSL has applied for a third-party application provider (TPAP) license for its JioFinance app.
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