Jio Financial Services Sees Marginal Income Rise Amid First Quarter Profit Decline

Jio Financial Services Ltd, the financial arm of Reliance Industries, reported a consolidated net profit decline of 6% to Rs 313 crore for Q1 2024. Despite this, total income marginally rose to Rs 418 crore. The company received RBI approval to operate as a Core Investment Company and launched various new financial products and services.

Jio Financial Services Ltd, the financial services arm of Reliance Industries Ltd (RIL), reported a 6 percent decrease in consolidated net profit, totaling Rs 313 crore for the first quarter ending June 2024. This marks a decline from the Rs 332 crore recorded during the same period last year.

Despite the dip in net profit, the company's total income saw a slight increase to Rs 418 crore from Rs 414 crore in the previous year's June quarter. However, total expenses surged from Rs 54 crore to Rs 79 crore.

In a recent development, the Reserve Bank of India granted the company approval to operate as a Core Investment Company (CIC). Jio Financial Services, which was carved out of Reliance Industries Ltd, engages in various financial activities, including investing and financing, insurance broking, payment bank, payment aggregator, and payment gateway services.