 "Jio Financial Services")
Mukesh Ambani family-owned Jio Financial Services on Monday reported a net profit of Rs 293.8 crore for the December quarter (Q3) on a consolidated basis, down 56 per cent from Q2, due to fall in income and rise in expenses.
The company's total income fell by 31.9 per cent to Rs 414.33 crore from Rs 608 crore in Q2 of FY24, though interest income during the same period increased to Rs 269 crore. The total revenue from operations stood at Rs 413.6 crore.
The company’s total expenses rose 38.53 per cent quarter-on-quarter (Q-o-Q) to Rs 98.9 crore compared to Rs 71.4 crore, primarily due to increase in other expenses.
In its investor presentation, the company said that its payments bank had launched a debit card during the quarter and was re-platformed to launch a digital savings bank account.
Further, the company said it was planning to launch leasing business and supply chain financing to focus more on secured lending on account of current market and regulatory developments.
Recently, the Reserve Bank of India (RBI) increased risk weighting on unsecured loans to moderate growth of such loans.
In a separate exchange filing, the company said that Rupali Adhikari Sawant was appointed group head - internal audit and Sudheer Reddy Govula was named group chief compliance officer of the company. This was in accordance with the RBI circular on compliance function and role of chief compliance officer.
