Q4 Results for Jio Financial Services: Net Profit Increases 10% To 311 Crore; See More About Revenue And Share Price

For the fourth quarter that concluded in March 2024, Jio Financial Services Ltd. announced a 6% rise in consolidated net profit to Rs 311 crore on Friday. For the December quarter, the financial services business declared a profit of Rs 294 crore.

The business said in a regulatory filing that its consolidated net profit increased multifold on an annual basis to Rs 1,605 crore in FY24 from Rs 31 crore in the previous fiscal year.

Jio Financial Services’s Q4 Income
In comparison to the third quarter, its income climbed to Rs 418 crore from Rs 414 crore, while its costs went up from Rs 99 crore to Rs 103 crore.

For the quarter, the company’s net interest income (NII) was Rs 280 crore.

Jio Financial Services is a company that offers payment gateway services, insurance broking, bank and payment aggregator services, and investing and financing.

Joint Venture for Jio Financial Services
Jio Financial and BlackRock announced earlier this week that they will establish a 50:50 joint venture to operate a wealth management and brokerage company. The business has already decided to establish a joint venture with BlackRock in order to enter the asset management sector.

AMC is now recruiting at the highest levels, and the fund house has defined its infrastructure and software platforms.The business said, “It is in the implementation stage.”

Debit cards and a redesigned Digital Savings Account have been offered by the payments bank.

Share Price of Jio Financial Services
On the BSE, Jio Financial Services’ shares ended the day at Rs 370 each, down 2.17 percent. The stock increased by 4.6 percent to close at a record high of Rs 378.4 on April 18. Since January 29 of this year, the stock has found significant support from the 21-day exponential moving average (EMA).