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, compared to the same period last year.
In the corresponding quarter of the previous fiscal year, Jio Financial Services recorded a net profit of Rs 293.8 crore. The company’s revenue from operations also saw a 6% growth to Rs 438.4 crore, up from Rs 413.6 crore in the same period of the previous fiscal year.
The financial results were announced after the market closed, with shares of Jio Financial Services Ltd closing at Rs 279.05, marking an increase of Rs 2.30 or 0.83% on the BSE.
Jio Financial Services observed a significant rise in its assets under management (AUM) in the latest quarter, climbing to Rs 4,199 crore from Rs 1,206 crore in Q2 FY25. The payments bank recorded strong growth as well, with its CASA (Current Account and Savings Account) customer base expanding by 25% quarter-on-quarter to reach 1.89 million. Furthermore, JFSL 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) engaging 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 spans 7,300 outlets.
JFSL has entered into a strategic marketing partnership with MyJio app. Furthermore, 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.