Jio Financial Services on Friday reported a 6% quarter-on-quarter (QoQ) rise in its consolidated net profit for the quarter ended March at Rs 311 crore. On a standalone basis, the net profit stood at Rs 78 crore, marginally higher than Rs 71 crore in the previous quarter.
The non-deposit taking NBFC in Q3FY24 had reported a 56% QoQ fall in its consolidated net profit at Rs 294 crore due to higher expenses and lower total income.
During Q4FY24, the NBFC’s total income stood at Rs 418 crore, higher than Rs 414 crore in Q3. Overall expenses rose by Rs 2 crore QoQ to Rs 101 crore. Jio Financial is currently engaged in vendor financing, and is in the process to launch home loans, loans against property (LAP) and loans against mutual funds.
Jio Payments Bank has launched a debit card in Q4 while Jio Payments Solutions has unveiled a merchant mobile app. Jio Financial also has tie-ups with 29 insurance companies for fee income and is looking to leverage Jio Payment Solution’s merchant platforms for shop insurance.
The NBFC recently formed a 50:50 joint venture with BlackRock to provide wealth management and broking services, and is hiring “top-talent”, building tech and infra capabilties for the same. The formation of the joint venture is subject to regulatory approvals.
Overall, its consolidated net profit for FY24 stood at Rs 1,605 crore, while the standalone net profit was at Rs 383 crore. The NBFC’s net worth stood at Rs 1.39 trillion as on March 31, 2024, compared with Rs 1.14 trillion in same period last year.
Shares of Jio Financial Services closed at Rs 370, down 2.17% on the BSE.