Jio Financial Services Ltd Reports Marginal Increase in Net Profit for Q3 FY25

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Jio Financial Services Ltd Reports Marginal Increase in Net Profit for Q3 FY25

Jio Financial Services Ltd, a division of Mukesh Ambani-led Reliance Industries Ltd, recently disclosed its financial performance for the third quarter of the fiscal year 2024. During this period, the company saw a small 0.3% increment in its net profit, reaching Rs 294.8 crore, compared to the corresponding quarter of the prior year when it recorded a net profit of Rs 293.8 crore. Furthermore, the revenue generated from its operations experienced a 6% growth to Rs 438.4 crore, up from Rs 413.6 crore in the same period of the previous fiscal year.

Following the market's closure, Jio Financial Services Ltd's shares concluded at Rs 279.05 on the Bombay Stock Exchange (BSE), marking a Rs 2.30 increase or 0.83% growth. The company observed a notable surge in its assets under management (AUM), which rose to Rs 4,199 crore from Rs 1,206 crore in the previous quarter. Additionally, the payments bank segment of Jio Financial Services noted a robust expansion, with its CASA customer base growing by 25% quarter-on-quarter to reach 1.89 million. The integration of payment solutions into JioBharat further contributed to the business's performance.

Jio Financial Services Ltd highlighted the expansion of its online presence, reporting an average of 7.4 million monthly active users (MAUs) engaging across various digital platforms. The non-banking financial company (NBFC) continues to grow its operations across seven cities and nine offices. The company's Payments Bank Business Correspondent network now spans 7,300 outlets, reflecting its wider reach in the financial services sector. Additionally, JFSL has initiated a strategic marketing partnership with the MyJio app, and Jio Payments Services Ltd (JPSL) has secured an Online Payment Aggregator license, underscoring its commitment to enhancing its services and offerings in the market. Moreover, Jio BlackRock Asset Management Private has submitted an application for final approval, and JFSL is in the process of acquiring a Third-Party Application Provider (TPAP) license for its JioFinance app.