Jio Financial Services Launches: Billionaire Mukesh Ambani-led non-banking financial services company Jio Financial Services on Friday declared its earnings for the July-September 2024 period. Along with the financial results, the NBFC also shared other key highlights from the quarter.
For the second quarter of the current financial year, the Reliance Industries-led company registered a good growth in its net profit and revenue. The BSE 200-listed NBFC company got demerged and made its D-Street debut last year in August. It currently has a market cap of Rs 2,10,007.81 crore.
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Jio Financial Services Launches
In addition to its financial results, the NBFC also released a list of products it launched in the July-September 2024 period. These range from home loan to term life insurance. Here’s a month-wise look at the products that Jio Financial Services unveiled in the second quarter of FY25:
July 2024 – Loan on Mutual Funds; Home Loan; Corporate Lending – Term Loan, Working Capital; and Auto and Two-wheeler Insurance
August 2024 – Home Loan – Balance Transfer; Health Insurance; Salary Accounts; and Physical Debit Cards
September 2024 – Loan against Property (LAP); Loan on Securities; and Life Insurance (Term)
It is worth mentioning here that the RIL-led NBFC in September informed about forming a joint venture (JV) with BlackRock Advisors Singapore Pte. Ltd. Named Jio BlackRock Investment Advisers Private Limited, the JV was incorporated on Friday, September 6, and received Ministry of Corporate Affairs’ Certificate of Incorporation on September 7.
Jio Financial Services added that it will invest an amount of Rs 3 crore towards initial subscription of 30,00,000 equity shares of face value Rs 10 each. “The said transaction does not fall within related party transactions. The Promoter, Promoter Group and group companies are not interested in the above transaction.”
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Meanwhile, Jio Financial Services had in April this year revealed its plans to enter the wealth management and stock broking business. Reliance Industries, in its annual report for FY24, said that the proposed brokerage services will enable customers to invest in stocks, bonds, mutual funds, and other securities, supported by expert investment advice and comprehensive market research.
