Jio Financial Services zooms 8x to Rs 70 crore in Dec Quarter
Reliance Industries' financial services arm Jio Financial Services said its profit increased eight times to ₹70 crore in the quarter ended December 2023 from ₹8 crore in the previous year due to higher interest income and gains on fair value changes.
Total interest income at the financier, owned by India's most valued company, increased to ₹91 crore in December 2023 from ₹12 lakh a year ago. The non-banking finance company also gained from a ₹44 crore gain on fair value changes, up from ₹35 crore a year ago. The gains were added to the company's revenue.
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Offering CollegeCourseWebsiteUniversity of Western AustraliaUWA Global MBAVisitIIM LucknowIIML Chief Operations Officer ProgrammeVisitIIM LucknowIIML Chief Executive Officer ProgrammeVisitThe company which was listed only in August 2023, said profit before tax tripled to ₹98 crore from ₹34 crore a year ago.
The company has applied to the Reserve Bank of India (RBI) for conversion to NBFC-CIC (core investment company), on directions of the regulator, on November 20, 2023, Jio Financial said.
Jio Financial also announced that it has appointed chartered accountant Rupali Adhikari Sawant as group head — internal audit, and Sudheer Reddy Govula as group Chief Compliance Officer, in line with regulations effective from January 15, 2024.
Sawant was associate partner with BSR & Co while Govula was compliance officer with Bandhan Bank before joining Jio.
The company and US asset management giant BlackRock have made an application to the Securities and Exchange Board of India (Sebi) to start a mutual fund on October 19, 2023.
