Non-banking Financial company Jio Financial Services announced Q2FY24 & H1FY24 results:
- Consolidated PAT increased by 101% in H1FY24, reaching Rs 668 crore in Q2FY24 compared to Rs 332 crore in Q1FY24.
- Consolidated Total assets stood at Rs 1,19,598 crore on Sept. 30, 2023.
- Consolidated net worth increased to Rs 1,15,631 crore on Sept. 30, 2023, from Rs 1,14,120 crore on March 31, 2023.
- Standalone Profit after tax was Rs 89 crore in Q2FY24, down from Rs 145 crore in Q1FY24.
- Standalone net worth stood at Rs 24,288 crore on Sept. 30, 2023.
- Indian financial landscape is poised for growth with a large working population and increasing adoption of digital financial services.
- Jio Financial Services offers a holistic suite of financial services including lending, insurance broking, payments bank, and payment solutions.
- The company aims to democratize financial services and provide access to simple, affordable, innovative, and intuitive products and services.
- Technology will be a key growth differentiator, enabling cost efficiencies, enhanced customer experience, and leveraging alternate data.
Products and Services:
- Jio Financial Services offers a range of lending products including personal loans, consumer durable loans, and upcoming products like business and merchant loans, auto loans, home loans, and loans against shares.
- The company also provides insurance broking services with partnerships with 24 insurance companies offering various types of insurance products.
- Jio Payments Bank offers savings account services with an end-to-end digital journey and plans to launch debit cards.
- Jio Payment Solutions offers Sound Box, a payment solution, and actively enriches customer engagement.
Alternate Data and Risk Management:
- Jio Financial Services utilizes alternate data models within the guidelines of the Digital Personal Data Protection Act to assess and profile customers for tailored offerings.
- The company uses AI-driven risk management and credit underwriting to efficiently monitor potential risks.
- Efficient risk management, credit underwriting, and collections lead to lower credit costs.
- Jio Financial Services has a strong capital base to fund its growth strategy and meet regulatory requirements.
- The company has an experienced leadership team and a well-established brand presence.
- Its extensive physical network facilitates easy customer access.