Jio Financial's Steady Growth: A Snapshot of Strategic Moves

Jio Financial Services reported a modest 3% profit increase in Q2 of 2024, reaching Rs 689 crore. The firm saw income rise but expenses also doubled. After gaining CIC status in July, it expanded with new financial products and strategic joint ventures, including one with BlackRock.

Jio Financial Services Ltd reported a slight 3% net profit rise, totaling Rs 689 crore for the second quarter ending September 2024. This marginal increase comes in comparison to the Rs 668 crore earned in the same period last year.

The financial services arm of Reliance Industries observed a rise in total income to Rs 694 crore from Rs 608 crore a year prior. However, total expenses saw a steep rise, doubling to Rs 146 crore compared to the previous year's Rs 71 crore.

In July 2024, Jio Financial Services achieved recognition as a Non-Deposit taking Systemically Important Core Investment Company following necessary RBI approvals. The company has ventured into various financial avenues, launching new products and forming strategic joint ventures, including one with BlackRock to establish a mutual fund.

(With inputs from agencies.)