 "Jio Financial Services Q2 results: Net profit rises 3% to Rs 689 crore")
Jio Financial Services on Friday posted a 3.12 per cent year-on-year (Y-o-Y) rise in consolidated net profit to Rs 689.07 crore in the July-September quarter of FY25 (Q2 FY25), as the growth in income was offset by a surge in expenses.
The company's total income rose by 14.14 per cent to Rs 694 crore from Rs 608 crore in the second quarter of FY24, while interest income in the period increased to Rs 205 crore.
The company’s total expenses doubled to Rs 142 crore in the quarter under review, compared to Rs 71 crore.
In its investor presentation, the company said that Jio Payments Solutions offers NEFT/RTGS payment solutions for B2B invoice payments, and EMI on credit/debit cards, with Brand EMIs in the pipeline.
The company's total income rose by 14.14 per cent to Rs 694 crore from Rs 608 crore in the second quarter of FY24, while interest income in the period increased to Rs 205 crore.
The company’s total expenses doubled to Rs 142 crore in the quarter under review, compared to Rs 71 crore.
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During the quarter, the company launched loans on mutual funds, home loans, corporate lending loans, along with loans against property (LAP), loans on securities, and life insurance products. It also launched physical debit cards.
In October 2024, the Securities & Exchange Board of India (Sebi) gave in-principle approval to Jio Financial Services’ joint venture (JV) with BlackRock.
JFSL increased its stake to 82.17 per cent in Jio Payments Bank. There were 15 lakh CASA customers, and Jio Payments Bank expanded its business correspondent network to 3,000, with plans for continued expansion.
Jio Insurance Broking had a direct-to-customer product portfolio of 24 plans across four product categories: auto, two-wheeler, health, and life. Its institutional product suite includes Group Term Life, Group Medical Cover, Group Personal Accident, and Commercial Insurance.