Jio Financial’s July-September Profit Flat On Year as Higher Costs Offset Surge in Interest Income

Jio Financial Services Ltd. reported a largely flat year-on-year net profit for the September quarter as higher expenses offset a sharp rise in interest income. Sequentially, profit more than doubled, supported by strong dividend income.

The company’s net profit stood at ₹6.95 billion, nearly unchanged from ₹6.89 billion a year earlier. Total expenses surged almost threefold to ₹4.36 billion, while interest income nearly doubled to ₹3.92 billion. Revenue rose 41.5% on year to ₹9.81 billion, driven by growth in interest and fee income.

Assets under management of the NBFC business jumped twelvefold on year to ₹147.12 billion, while the mutual fund arm’s AUM rose to ₹159.80 billion as of September 30. The mutual fund’s maiden offer collected ₹15 billion.

Managing Director and Chief Executive Officer Hitesh Sethia said the company is leveraging AI and analytics to build JioFinance as a trusted and intelligent digital platform for personalised financial services.