Jio Financial Services sees over 120% QoQ profit growth in Q2

Jio Financial Services Limited's (JFSL) revenue from operations saw a strong quarter-on-quarter (QoQ) growth in the quarter ended September 2024, with profits more than doubling, driven in part by contributions from associates and joint ventures.

The company's total revenue from operations surged by 65.98% QoQ to Rs 693.50 crore. The profit for the period more than doubled, reaching Rs 689.07 crore, including Rs 225.71 crore from associates and joint ventures, compared with Rs 338.47 crore earned in the June 2024 quarter.

The company's total expenses stood at Rs 146.07 crore in Q2, representing an 84.08% increase from Rs 79.35 crore in Q1. Employee benefit expenses rose by 73.97% to Rs 67.71 crore in Q2 from Rs 38.92 crore in the previous quarter.

JFSL officially launched its new and improved JioFinance app across platforms, following the beta version's release on May 30, 2024.

The app offers a wide range of financial services, including loans on mutual funds, home loans, and loans against property. It also integrates UPI payments, mobile recharges, and credit card bill payments, along with a consolidated view of users' bank accounts and mutual fund holdings.

Additionally, the app features 24 insurance plans across life, health, and vehicle categories. On the savings front, Jio Payments Bank Ltd allows users to open digital savings accounts within five minutes using biometric authentication, with over 1.5 million users already managing their expenses through these accounts.

JFSL, which has been listed on the BSE and NSE since August 2023, also formed a joint venture with BlackRock last month to provide investment advisory services.