Jio Financial Services Q4 results: Net profit at Rs 310 crore, NII at Rs 280 crore

The company’s net interest income (NII) stood at Rs 280 crore for the quarter.

Jio Financial Services on April 19 reported a net profit of Rs 310 crore for the January-March quarter of the financial year 2023-24.

The company’s net interest income (NII) stood at Rs 280 crore for the quarter. Its total income came in at Rs 418 crore and revenue at Rs 418 crore.

In the previous quarter, the company, which listed in August 2023, reported a net profit of Rs 293 crore and a net interest income of Rs 269 crore. Its total interest income was at Rs 414 crore and revenue at Rs 413 crore.

Shares of Jio Financial Services closed 2.17 percent down at Rs 370 apiece on BSE. Before today, the stock saw a record closing high of Rs 378.4 on Thursday (April 18), up 4.6 percent and formed a bullish candlestick pattern on the daily charts with above average volumes. The 21-day EMA (exponential moving average) has been acting as a strong support for the stock since January 29 this year.

The company, in its investor presentation for the quarter, said that its total loans stood at Rs 173 crore, compared to Rs 41 crore in the corresponding period last year. It also said that currently the company operates in the vender financing business and has home loans, loans against property and loans against mutual funds in the pipeline.

Also read: Jio Financial, Blackrock ink pact for wealth management and broking business

JFS-Blackrock venture

Jio Financial Services on April 15 said that it has entered a 50:50 joint venture with US-based BlackRock for wealth management and broking in India.

Two companies will be incorporated, for wealth management and brokerage.

Earlier, Jio Financial Services and BlackRock had announced an agreement in July 2023 to form a 50:50 joint venture with a $150 million investment each to enter the asset management business in India.

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