Jio Financial Services Q2 results: Net profit increases 3% to Rs 689 cr

Jio Financial Services Ltd on Friday reported a marginal 3 per cent rise net profit to Rs 689 crore in the second quarter ended September 2024.

The company had earned a consolidated net profit at Rs 668 crore in the same quarter a year ago.

Total income increased to Rs 694 crore as against Rs 608 crore in the same quarter a year ago, Jio Financial Services said in a regulatory filing.

However, total expenses doubled to Rs 146 crore as against Rs 71 crore in the same period in the previous year.

Jio Financial Services Ltd pursuant to the application made to the RBI seeking registration as Core Investment Company (CIC), has received necessary approval and certificate of registration on July 9, 2024 from the RBI and thereby it has become a Non-Deposit taking Systemically Important Core Investment Company (CIC-ND-SI) with effect from that date, it said.

Jio Financial Services, carved out from Reliance Industries Ltd, is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator and payment gateway services.

Its subsidiary Jio Finance Ltd launched a home loan product and loan against mutual funds in July.

Jio Financial Services Ltd and BlackRock Inc had agreed to form a joint venture for asset management company.

SEBI vide letter dated October 3, 2024, has since granted in-principle approval to the company and BlackRock to act as cosponsors and set up the proposed mutual fund, it said.

The final approval for registration will be granted by SEBI on fulfilment, by the company and BlackRock, of the requirements as specified in this regard, it added.

The company launched Loan against Property (LAP), Loan on Securities and life insurance (Term) product in September.

Earlier this month, the company launched a new version of JioFinance app with improved features.