Jio Financial profit rises 6% to 311 crore in March quarter

MUMBAI: Jio Financial Services has reported a consolidated net profit of Rs 311 crore for the quarter ended in March 2024, which is a 5.7% increase compared to the Rs 294 crore reported last year. For the full financial year, the company reported a net profit of Rs 1,605 crore, which is multifold increase compared to the Rs 13 crore reported in the previous year.
During its presentation to analysts, Jio Financial said that it has a lending business pipeline that includes a variety of products such as home loans, loans against property and securities. The company will also provide financing through leasing for products like AirFiber, solar panels, phones, laptops, and EV batteries.
Jio Payments Bank has launched its debit card and a revamped savings account and plans to expand its business correspondent network. Recently, the payments company has launched its merchant mobile app and has started offering voice boxes to shopkeepers for QR Code payments. At present, Jio Financial is limited to the distribution of insurance products from other companies. The company is also using insurance to offer extended warranties for consumer durables and mobile phones.