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Jio Financial Services Q1 Results Highlights: Net profit Down 5.72% at ₹313 crore
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Last Updated: 16th July 2024 - 10:57 am
Synopsis
Jio Financial Services reported a 5.72% decline in the consolidated net profit at ₹313 crore in Q1FY25. However, it reported a marginal increase in total income at ₹418 crore due to higher net gain on fair value changes over the same period last year.
Jio Financial Services Q1 Results Highlights
On Monday, Jio Financial Services reported a 5.72% drop in consolidated net profit, amounting to ₹313 crore for Q1FY25, compared to ₹332 crore in the same period last year, as per the company’s exchange filing.
Interest income decreased by 19.8%, falling to ₹162 crore in Q1FY25 from ₹202 crore in Q1FY24. Despite this, the company saw a slight rise in total income, reaching ₹418 crore, due to a higher net gain on fair value changes over the previous year. The net gain on fair value changes for Q1FY25 was ₹218 crore, up from ₹174 crore.
According to the company’s investor presentation, Jio Finance, a wholly-owned subsidiary of JFS, has launched new products, including loans against mutual funds and digital insurance for autos and two-wheelers, in July. The company plans to expand into loans against property and securities in the future.
Additionally, the beta version of the “JioFinance App” has been launched. Jio Leasing Services, another wholly-owned subsidiary of Jio Financial Services, has started leasing AirFiber devices.
The company also revealed that Jio Payments Bank, primarily owned by Jio Financial Services with the remainder held by the State Bank of India, has over 1 million current account savings account (CASA) customers. The payments bank aims to expand its channels, increase transaction volumes, and introduce cross-selling products.
Jio Insurance Broking, the company’s insurance broking arm, is looking to introduce new digital channel product offerings and expand its portfolio of embedded insurance products, among other initiatives.
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Jio Financial Services Commentary
“Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realized,” Jio Financial Services said.
About Jio Financial Services
Jio Financial Services Limited operates as a non-banking financial company. The Company provides financial and investment services with robust infrastructure technology solutions. Jio Financial Services serves customers in India.
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