Jio Financial Services Q3 results: Net profit drops to Rs 293 cr, NII at Rs 269 cr

Jio Financial Services (JFS), a subsidiary of Reliance Industries, on Monday reported a net profit of Rs 293 crore for the October-December quarter of the current financial year, nearly half the number reported in the second quarter. In the previous quarter, Jio Financial had reported a net profit of Rs 668 crore.

The financial firm's net interest income came in at Rs 269 crore for the quarter and its total interest income was at Rs 414 crore. Total revenue was at Rs 413 crore in the third quarter.  

Ahead of the results, shares of JFS climbed 6 per cent in Monday's trade. The stock climbed 5.64 per cent to hit a high of Rs 269.60 on BSE. However, the stock settled the day's trade at Rs 266.80, up 4.55 per cent on Monday. The stock was listed on the share market on August 21, 2023.

Also read: Jio Financial Services shares jump 6% ahead of Q3 results; YTD gain at 14%

For the September quarter, JFS reported a doubling of profit at Rs 668 crore led by interest and dividend income. JFS, the demerged arm of Reliance Industries, is a holding company, which is operating a financial services business through consumer-facing subsidiaries namely Jio Payment Solutions (JPSL), Jio Insurance Broking (JIBL), and Jio Finance (JFL). It also has a joint venture (JV) namely Jio Payments Bank.

Today, JFS announced the appointment of Rupali Adhikari Sawant as Group Head-Internal Audit and Sudheer Reddy Govula as Group Chief Compliance Officer. 

Govula has worked with public sector and private sector banks like HDFC and SBI. "He started his career with the State Bank of India and was associated with the institution for a decade with exposure across General Banking, Foreign Exchange, Agricultural advances, SME advances etc. He then worked with HDFC Bank for 15 years managing different aspects of the compliance function," the company said. Govula was last associated with Bandhan Bank for over two years as the Chief Compliance Officer. 

A commerce graduate from Mumbai University and an Associate Chartered Accountant, Sawant has been associated with BSR&Co for the last 22 years. "She has a strong audit and financial reporting background in Ind AS, Indian GAAP, and IFRS including the application of RBI guidelines," the company said, adding that Rupali has led statutory audits of large Indian private sector banks, NBFCs and MNC banks operating in the country, Asset Management Companies and Private Equity Funds.