Jio Financial Services Q1 results: Net profit down 5.72% at Rs 313 crore
Jio Financial Services on Monday reported a 5.72 per cent decline in consolidated net profit at Rs 313 crore in the quarter ending June 2024 (Q1FY25) as against Rs 332 crore in the corresponding period a year ago, according to the company’s exchange filing.
Interest income was down 19.8 per cent to Rs 162 crore in Q1FY25 as against Rs 202 crore in Q1FY24. However, it reported a marginal increase in total income at Rs 418 crore due to a higher net gain on fair value changes over the same period last year. Its net gain on fair value changes in Q1FY25 stood at Rs 218 crore as against Rs 174 crore.
According to the company’s investor presentation, Jio Finance – an NBFC which is 100 per cent subsidiary of JFS — has launched new products such as loans against mutual funds as well as auto and two-wheeler digital insurance in July. Going forward, it plans to venture into loans against property as well as loans against securities.
Further, the company has launched the beta version of the “JioFinance App”.
Additionally, Jio Leasing Services, another 100 per cent subsidiary of Jio Financial Services, has commenced the business of leasing AirFiber devices.
The company also stated that Jio Payments Bank, which is majority owned by Jio Financial Services with the rest being owned by State Bank of India, has over 1 million current account savings account (CASA) customers. Further, the payments bank is looking to focus on channel expansion, drive transactions through channels, and launch cross-sell products.
The company’s insurance broking arm – Jio Insurance Broking – is looking to come up with new product offerings on the digital channel, expand the portfolio of embedded insurance products, among other things.
Jio Financial Services’s shares ended at Rs 355.25, up 1.40 per cent on the BSE.
First Published: Jul 15 2024 | 8:24 PM IST