Jio Financial Services Q3 net profit falls 56% QoQ
What's the story
Jio Financial Services, a branch of Reliance Industries, experienced a drop in net profit for the December quarter of the current fiscal year, settling at Rs. 293 crore compared to the previous quarter's Rs. 668 crore.
The company's consolidated revenue from operations, slumped 32% quarter-on-quarter (QoQ) to Rs. 413.61 crore from Rs. 608.04 crore.
The company's net interest income reached Rs. 269 crore for the quarter, with total interest income at Rs. 414 crore.
Details
New appointments in senior management
In other news, Jio Financial Services recently announced two senior management appointments. Rupali Adhikari Sawant will serve as Group Head of Internal Audit starting January 15, 2024.
Sudheer Reddy Govula has been named Group Chief Compliance Officer for a four-year term beginning on the same date, in line with the Reserve Bank of India's (RBI) circular on Compliance Function and Role of Chief Compliance Officer.
What Next?
Jio Financial Services and BlackRock seek mutual fund business approval
On January 4, Jio Financial Services and BlackRock Financial Management submitted documents to the Securities and Exchange Board of India (SEBI) to establish a mutual fund business in India.
SEBI is currently reviewing the in-principle approval.
The joint venture initially applied on October 19, 2023, as shown by the updated list of mutual fund applications.
Jio Financial Services's shares closed at Rs. 266.80 each on BSE, marking a 4.55% increase.