Jio Financial Services Q4FY24 net profit at Rs 310 cr; NII Rs 280 cr
Mumbai: Jio Financial Services registered a net profit of Rs 310 crore for the January-March quarter of the fiscal year 2023-24.
For the period, the company's net interest income (NII) stood at Rs 280 crore.
Its total income and revenue both amounted to Rs 418 crore.
In the preceding quarter, which ended in December, the company, having been listed in August 2023, reported a net profit of Rs 293 crore and a net interest income of Rs 269 crore.
Total interest income stood at Rs 414 crore and revenue at Rs 413 crore.
Jio Financial Services' shares closed at Rs 370 apiece on BSE, marking a 2.17 percent decline.
On April 18, the stock hit a record closing high of Rs 378.4, a 4.6 percent increase, and formed a bullish candlestick pattern on the daily charts with above-average volumes.
Since January 29 of this year, the 21-day EMA (exponential moving average) has consistently provided strong support for the stock.
An exponential moving average (EMA) is a type of moving average that places more weight on recent data points, making it more responsive to changes in price trends compared to a simple moving average (SMA).
In its investor presentation for the quarter, the company noted that its total loans reached Rs 173 crore, a significant increase from Rs 41 crore in the same period last year.
The company said its current focus is on vendor financing, with plans to expand into home loans, loans against property, and loans against mutual funds in the near future.
JFS-Blackrock venture
Jio Financial Services announced a new venture on April 14, forming a 50:50 joint venture with the US-based BlackRock for wealth management and broking services in India.
As part of this partnership, two separate entities will be established, one focusing on wealth management and the other on brokerage services.
This collaboration follows an earlier agreement between Jio Financial Services and BlackRock in July 2023, where they agreed to invest $150 million each in a 50:50 joint venture aimed at entering the asset management sector in India.
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