Earlier this week, Jio Financial announced a 50:50 joint venture with BlackRock for setting up a wealth management and broking business.
Jio Financial Services Ltd on Friday reported a 6 per cent increase in consolidated net profit to Rs 311 crore for the fourth quarter ended March 2024. The financial services company, had reported a profit of Rs 294 crore for the December quarter.
On an annual basis, the company’s consolidated net profit jumped multi-fold to Rs 1,605 crore in FY24 against Rs 31 crore in the preceding fiscal, the company said in a regulatory filing.
Jio Financial Services Q4 Results: Revenue
Its revenue increased to Rs 418 crore against Rs 414 crore in the December quarter and expenses also increased from Rs 99 crore to Rs 103 crore as compared to the third quarter.
The company’s net interest income (NII) was at Rs 280 crore for the quarter.
Jio Financial Services is engaged in the business of investing and financing, insurance broking, payment bank and payment aggregator, and payment gateway services.
Jio Financial Services Joint Venture
Earlier this week, Jio Financial announced a 50:50 joint venture with BlackRock for setting up a wealth management and broking business. The company and BlackRock have already agreed to form a joint venture to enter into the asset management industry.
Top-level hiring for AMC is in progress, and infrastructure and tech platforms identified for the fund house.It is in the implementation stage, added the company.
With regard to its payments bank, it has introduced debit cards and launched a revamped Digital Savings Account.
Jio Financial Services Share Price
Shares of Jio Financial Services closed at Rs 370 apiece, down 2.17 per cent on the BSE. On April 18 the stock touched a record closing high of Rs 378.4 which was up by 4.6 percent. The 21-day EMA (exponential moving average) has been acting as a strong support for the stock since January 29 this year.
(With Inputs From PTI)