Jio Financial Services on Monday reported a 6% year-on-year (YoY) fall in its consolidated net profit for the quarter ended June at Rs 313 crore. On a standalone basis, the net profit was Rs 72 crore, slightly down from Rs 78 crore in the previous quarter. During Q1FY25, the NBFC’s total income remained flat quarter-on-quarter (QoQ) at Rs 418 crore. Overall expenses decreased by Rs 22 crore QoQ to Rs 79 crore.

According to its investor presentation, the company’s subsidiaries launched the beta version of the JioFinance App in Q1FY25. They also began leasing AirFiber devices, introduced loans against mutual funds, and launched digital insurance for autos and two-wheelers. They received approval from the Reserve Bank of India (RBI) to operate as a core investment company (CIC).

Overall, on the lending side, Jio Finance now extends vendor financing loans, home loans, and will launch loans against property and loans against securities going ahead. Jio Payments Bank, a joint venture of the CIC, gained 1 million low-cost deposit account customers, and is expanding its business correspondent (BC) network by receiving approval to set up 16,000 BC outlets.

Jio Insurance Broking, another subsidiary, has tie-ups with 31 insurance companies and is looking to offer new products via digital channel and expanding embedded insurance products. 

Jio Insurance Broking, another subsidiary, has partnerships with 31 insurance companies and aims to introduce new products through digital channels, as well as expand its offerings of embedded insurance products. The CIC has also identified key leadership team for its wealth management and broking business joint venture with BlackRock. 

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