Jio Financial Services Reports Impressive Q2 Earnings with 101% Quarter-on-Quarter Net Profit Surge to Rs 668 Crore.

On October 16, Jio Financial Services released its first quarterly results since being listed on the stock exchange in August, reporting a substantial 101 percent increase in net profit to Rs 668 crore for the July-September period compared to the previous quarter.

After being spun off from Mukesh Ambani’s Reliance Industries, the non-banking financial company (NBFC) disclosed a total income of Rs 608 crore for the quarter. The lender’s interest income, however, saw a slight decline, slipping from Rs 202 crore in the April-June FY24 quarter to Rs 186 crore.

Exchange data reveals that the lender’s total market capitalization stands at Rs 1.43 lakh crore.

In an additional announcement, the company appointed AR Ganesh as the Group Chief Technology Officer, effective from October 16, 2023. Prior to this role, Ganesh served as the Chief Information Security Officer (CISO) at ICICI Bank, overseeing cybersecurity.

Jio Financial Services’ shares closed trading on October 16 at Rs 224.85 on the BSE, marking a 0.13 percent increase.