New Delhi, Jio Financial Services Ltd on Friday reported 6 per cent rise in consolidated net profit to Rs 311 crore for the fourth quarter ending March 2024 due to improvement in earnings.
The financial services company, which was spun off from Reliance Industries Limited, has reported a profit of Rs 294 crore in the December quarter.
On an annual basis, the company's consolidated net profit grew multi-fold to Rs 1,605 crore in FY20, from Rs 31 crore in the previous fiscal, Zee Financial Services said in a regulatory filing.
Its revenue in the December quarter improved marginally to Rs 418 crore from Rs 414 crore.
Its expenses also increased marginally to Rs 103 crore in the third quarter as against Rs 99 crore.
Jio Financial Services is engaged in the business of investment and financing insurance broking, payment bank and payment aggregator and payment gateway services.
Earlier this week, Jio Financial announced a 50:50 joint venture with BlackRock to set up a wealth management and broking business.
The company and BlackRock have already agreed to form a joint venture to enter the asset management industry.
Top-level appointments for the AMC are in progress, it said, adding that infrastructure and technology platforms have been identified for the fund house.
It is in the implementation stage, it noted.
As for its payments bank, it has introduced debit cards and launched a revamped digital savings account.
Shares of Jio Financial Services closed at Rs 370, down 2.17 per cent on BSE.
The financial services company, which was spun off from Reliance Industries Limited, has reported a profit of Rs 294 crore in the December quarter.
On an annual basis, the company's consolidated net profit grew multi-fold to Rs 1,605 crore in FY20, from Rs 31 crore in the previous fiscal, Zee Financial Services said in a regulatory filing.
Its revenue in the December quarter improved marginally to Rs 418 crore from Rs 414 crore.
Its expenses also increased marginally to Rs 103 crore in the third quarter as against Rs 99 crore.
Jio Financial Services is engaged in the business of investment and financing insurance broking, payment bank and payment aggregator and payment gateway services.
Earlier this week, Jio Financial announced a 50:50 joint venture with BlackRock to set up a wealth management and broking business.
The company and BlackRock have already agreed to form a joint venture to enter the asset management industry.
Top-level appointments for the AMC are in progress, it said, adding that infrastructure and technology platforms have been identified for the fund house.
It is in the implementation stage, it noted.
As for its payments bank, it has introduced debit cards and launched a revamped digital savings account.
Shares of Jio Financial Services closed at Rs 370, down 2.17 per cent on BSE.
