Jio Insurance Broking plans to introduce new digital products and expand its embedded insurance portfolio, Jio Financial said
Jio Financial's total income for the quarter ended June 30 was Rs 417.82 crore, compared to Rs 414.13 crore a year earlier.
Jio Financial Services Ltd said net profit rose sequentially to Rs 312.63 crore in the June quarter of the current financial year from Rs 310.63 crore in the preceding three months.
The company’s total income for the quarter ended June 30 was Rs 417.82 crore, compared to Rs 414.13 crore a year earlier and Rs 418.18 crore for the quarter ended March 31, the company said on July 15.
Profit was at Rs 331.92 crore in the year-earlier quarter.
Total expenses rose to Rs 79.35 crore in the June quarter from Rs 53.81 crore a year ago but decreased from Rs 103.12 crore in the preceding March quarter.Stake of State Bank of India in the Jio Payments Bank has reduced to 21.45 percent as at the end of June quarter, from 22.75 percent in a quarter ago period, as per investor presentation.
In its investor presentation, the company said that Jio Insurance Broking Ltd will offer new products on the digital channel, expand its embedded insurance portfolio, and accelerate growth in the institutional channel.
Further, Jio Payments Bank will focus on channel expansion, driving transactions through these channels, and cross-selling products, the presentation said.
Jio Finance Ltd will explore offering loans against property and securities, the company said in a presentation.Earlier this year, the company had launched loan against Mutual Funds and Auto and 2-wheeler digital insurance.
“Forward-looking statements are based on certain assumptions and expectations of future events. The companies referred to in this presentation cannot guarantee that these assumptions and expectations are accurate or will be realized,” Jio Financial Services said.
Jio Financial Services has launched the beta version of the JioFinance App and started leasing AirFiber devices.
On April 15, Jio Financial Services announced that it has entered into a joint venture with US-based BlackRock for wealth management and broking business in India.
The Reliance Group-backed financial entity said it has signed a 50:50 joint venture for the purpose of undertaking wealth business including incorporation of a wealth management company and subsequent incorporation of a brokerage company in India.
In the presentation, the company on the JV said the company has identified key leadership, Infrastructure and tech platforms in advanced phases of development, and GTM strategy and building blocks in advanced stages.
Shares of Jio Financial Services ended 1.44 percent higher at Rs 355.40 a share on July 15. The stock has gone up by around 42.6 percent over the last one year and 65 percent since listing in August 2023.
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