Jio Financial Services Ltd, the financial services division of Mukesh Ambani-led Reliance Industries Ltd (RIL), reported a slight increase of 0.3 per cent in its net profit at Rs 294.8 crore for the third quarter ended 31 December 2024, compared to the same period last year. year.
In the corresponding quarter of the previous financial year, Jio Financial Services recorded a net profit of Rs 293.8 crore. The company’s operating revenue also witnessed a growth of 6 per cent to Rs 438.4 crore, compared to Rs 413.6 crore during the same period of the previous fiscal.
The financial results were announced after market close, with shares of Jio Financial Services Ltd closing at Rs 279.05, up Rs 2.30 or 0.83 per cent on the BSE.
Jio Financial Services observed a significant increase in its assets under management (AUM) in the last quarter, climbing to Rs 4,199 crore from Rs 1,206 crore in Q2 FY25. The payments bank also recorded a strong growth, with a CASA customer base (current account and savings account) up 25% quarter-on-quarter to reach 1.89 million. Additionally, JFSL has successfully integrated its payment solutions into JioBharat.
The company’s online presence is growing, as JFSL reports, with an average of 7.4 million monthly active users (MAUs) engaging across all digital platforms. With operations in seven cities and nine offices, the NBFC continues to grow. In addition, JFSL’s payment bank sales correspondent network now extends to 7,300 points of sale.
JFSL has entered into a strategic marketing partnership with the MyJio app. Additionally, Jio Payments Services Ltd (JPSL) has successfully obtained an online payments 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.
