Jio Financial Services Limited quarterly result update:
On April 19, Jio Financial Services disclosed a net profit of Rs 310 crore for the January-March quarter of the fiscal year 2023-24.
During this quarter, the company’s net interest income (NII) amounted to Rs 280 crore. Its total income and revenue were reported at Rs 418 crore each.
Comparatively, in the preceding quarter, following its listing in August 2023, the company reported a net profit of Rs 293 crore and a net interest income of Rs 269 crore. Its total interest income stood at Rs 414 crore, with revenue at Rs 413 crore.
Shares of Jio Financial Services concluded trading 2.17 percent lower at Rs 370 apiece on the BSE. Before this, the stock reached a record closing high of Rs 378.4 on Thursday (April 18), marking a 4.6 percent increase and forming a bullish candlestick pattern on the daily charts with above-average volumes. Notably, the 21-day exponential moving average (EMA) has been a robust support level for the stock since January 29 of this year.
Jio Financial Services made headlines earlier this week with the announcement of a 50:50 joint venture with BlackRock, focusing on establishing a wealth management and broking business. The collaboration extends to entering the asset management sector, with both companies in agreement to form a joint venture.
The company has initiated top-level recruitment for the asset management company (AMC), while also identifying infrastructure and technological platforms for the fund house. Progress is underway, with the venture currently in the implementation phase, according to the company’s statement.
Regarding its payments bank, Jio Financial Services has introduced debit cards and unveiled an upgraded Digital Savings Account, signaling advancements in its banking services.
