India's Jio Financial profit jumps on growth across businesses

BENGALURU: Jio Financial Services’ quarterly profit more than doubled, it reported on Thursday, boosted by broad-based growth across its businesses.

Jio Financial, which listed in 2023 after a demerger from Indian billionaire Mukesh Ambani’s Reliance Industries, operates a range of businesses, including digital lending, payments, insurance broking, and asset management services.

Backing of the country’s largest conglomerate and cross-selling through the wider Jio ecosystem are helping the firm scale rapidly.

Net profit rose to 8.3 billion rupees ($86.2 million) for the quarter ended June 30, from 3.25 billion rupees a year earlier and 2.72 billion in the previous quarter.

Revenue from operations jumped to 20.04 billion rupees from 6.12 billion rupees a earlier ago and 10.19 billion rupees three months earlier.

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Revenue from investing and lending businesses nearly tripled.

Gross assets under management for the lending segment nearly tripled to 306.67 billion rupees; disbursements jumped 173%.

AUM of its asset management joint venture with BlackRock rose 21% from three months earlier.