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Good news for Mukesh Ambani as Jio Financial earns huge profit of Rs….
On Friday, it reported a marginal 3 percent rise net profit to Rs 689 crore in the second quarter ended September 2024.
Updated : Oct 19, 2024, 11:25 AM IST
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With Jio Financial Services (JFS) reporting a significant profit in its most recent financial reports, Mukesh Ambani celebrates a remarkable achievement. Mukesh Ambani has invested in a number of industries, including technology, petrochemicals and refining, retail, and telecommunications. Reliance Industries is now among the most valuable corporations in India and a major player on the international scene thanks in large part to Ambani's broad investment strategy.
Jio Financial Services (JFS) was spun off from Reliance Industries Ltd. in 2022 to increase its footprint in the financial industry. The market capitalisation of the company is now Rs 2.10 lakh billion. According to JFS's most recent financial report, net profit increased by 3 percent to Rs 689 crore in the second quarter that concluded in September 2024. Last year, in the same quarter, the company generated a net profit of Rs 668 crore. According to a regulatory filing, Jio Financial Services also reported that total income increased to Rs 694 crore from Rs 608 crore in the same period the previous year.
However, compared to Rs 71 crore during the same period previous year, overall expenses increased to Rs 146 crore. After submitting an application to register as a Core Investment Company (CIC), Jio Financial Services Ltd. declared that on July 9, 2024, it obtained the required approval and certificate of registration from the Reserve Bank of India (RBI). As a result, as of that date, it is now a Systemically Important Core Investment Company (CIC-ND-SI) that does not accept deposits.
In July, Jio Finance Ltd., its subsidiary, introduced a home loan product and a loan secured by mutual funds. JFS and BlackRock Inc. also decided to form a joint venture for an asset management business. The business unveiled a number of new financial products in September, such as a life insurance (term) product, a loan against property (LAP), and a loan on securities. Additionally, earlier this month, JFS published an upgraded JioFinance app with new features.
