Jio Financial Services has reported its Q3 earnings, marking the second quarterly result announcement since its listing on the stock exchanges on August 21, 2023. This update provides insights into the financial performance of the financial services division of Reliance Industries.
Jio Financial Services, the recently listed subsidiary of Reliance Industries, revealed its Q3 earnings with a net profit of Rs 293 crore for the December quarter, a decrease from the previous quarter’s Rs 668 crore.
The company reported a net interest income of Rs 269 crore, while its total interest income and revenue stood at Rs 414 crore and Rs 413 crore, respectively.
This disclosure marks the second quarterly report since its listing on the stock exchanges in August 2023.
In addition to financial performance, Jio Financial Services announced key appointments in senior management.
Rupali Adhikari Sawant was appointed as Group Head – Internal Audit, effective from January 15, 2024.
Simultaneously, Sudheer Reddy Govula assumed the role of Group Chief Compliance Officer, aligning with RBI guidelines on Compliance Function and the Role of Chief Compliance Officer. Both appointments are for a four-year term.
These strategic moves in leadership signal the company’s commitment to robust internal governance and compliance.
The developments underline Jio Financial Services’ emphasis on financial transparency and regulatory adherence as it continues its journey as a significant player in the financial services sector under the umbrella of Reliance Industries.
On January 4, Jio Financial Services, in partnership with BlackRock Financial Management, submitted documents to the Securities and Exchange Board of India (SEBI) to initiate a mutual fund business.
This move signals their intent to enter the mutual fund sector, with the regulatory filing marking a crucial step in the process.
SEBI is currently reviewing the in-principle approval for the joint venture between Jio Financial Services and BlackRock Financial Management.
The application, filed on October 19, 2023, is part of the updated list of mutual fund applications as of December 31, 2023.
The companies await SEBI’s decision on their mutual fund venture.
