
Jio Financial Services reported a 2% year-on-year increase in profit for the fourth quarter of the financial year, amounting to Rs 316 crore. The board of directors has also announced a dividend of Rs 0.5 per share for the fiscal year ending March 2025. The company saw its revenue from operations rise by 18% year-on-year to Rs 493 crore, up from Rs 418 crore in the previous year. Sequentially, the revenue increased by 13%, while profit after tax rose by 7% quarter-on-quarter, indicating strong performance and growth strategies.
Jio Financial's revenue growth was accompanied by a slight decline in interest income, which fell to Rs 276 crore during the January-March 2024 period. However, the income from fees and commissions improved significantly, reaching Rs 39 crore. In the lending and leasing sector, the company's assets under management (AUM) surged to Rs 10,053 crore, up from a modest Rs 173 crore a year ago. This growth can be attributed to the company's strategic expansion into ten Tier-1 cities and enhanced partnerships with wealth management firms and banks for loan against securities (LAS) and loan against mutual funds (LAMF).
In the field of payments, Jio Payments Bank saw its customer base grow threefold year-over-year, reaching 2.31 million. The Bank also reported a CASA plus wallet balance of Rs 295 crore, a threefold increase compared to the previous year.
In the payments business, Jio Payments Bank saw its customer base expand threefold year-on-year to 2.31 million users. The current and savings account (CASA) plus wallet balance also grew three times, reaching Rs 295 crore. Furthermore, Jio Payment Solutions received an online payment aggregator licence during the fourth quarter, strengthening its foothold in the digital payment sector. Additionally, in the insurance broking segment, the company expanded its partner network to 34 insurance companies and introduced 61 direct-to-customer plans, aiming to enhance customer experience through a digital DIY platform.
Jio Financial Services, formerly known as Reliance Strategic Investments, is a financial services company based in Mumbai and a subsidiary of Reliance Industries. The company provides various financial products, such as lending, insurance broking, and digital payment solutions.
On the stock market front, Jio Financial shares closed 1.6% higher at Rs 246.2 on the National Stock Exchange (NSE), reflecting investor confidence in the company's financial performance and strategic decisions. The positive market response underscores the company's efforts to diversify its offerings and refine customer experiences via digital platforms.