Jio Financial Services Ltd, the financial services arm of Mukesh Ambani-led Reliance Industries Ltd (RIL), reported a marginal 0.3% rise in net profit to Rs 294.8 crore in the third quarter ended 31 of December 2024, compared to the same previous period. year

In the corresponding quarter of the previous fiscal, Jio Financial Services posted a net profit of Rs 293.8 crore. The company’s revenue from operations also rose 6% to Rs 438.4 crore, up from Rs 413.6 crore in the same period of the previous fiscal year.

The financial results were announced after the market closed, and shares of Jio Financial Services Ltd closed at Rs 279.05, up Rs 2.30 or 0.83% on the BSE.

Jio Financial Services saw a significant increase in its assets under management (AUM) in the last quarter to Rs 4,199 crore from Rs 1,206 crore in Q2FY25. Payments banking also saw strong growth , with its CASA customer base (Current Account and Savings Account) increasing by 25% quarter-on-quarter to reach 1.89 million. Additionally, JFSL successfully integrated its payment solutions into JioBharat.

The company’s online presence is expanding, JFSL reports, with an average of 7.4 million monthly active users (MAUs) engaging across all digital platforms. With operations in seven cities and nine offices, the NBFC continues to grow. In addition, JFSL’s Payments Bank business correspondent network now covers 7,300 outlets.

JFSL has entered into a strategic marketing partnership with MyJio App. Additionally, Jio Payments Services Ltd (JPSL) has successfully obtained an online payment aggregator license. Jio BlackRock Asset Management Private has submitted its application for final approval, while JFSL has applied for a Third Party Application Provider (TPAP) license for its JioFinance app.