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Jio Financial aims to revolutionize financial services with a digital-first approach, offering personal loans via the MyJio app.
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Jio Financial's consolidated profit after tax doubled in Q2, reaching Rs 668 crore, driven by ventures into new businesses.
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Despite a 7.86% drop in interest income, total income surged by 46.82%, boosted by dividend income.
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Centrum Broking highlights JFS's strong brand equity, capital base, and access to a large customer base.
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JFS is trading at 3.1 times P/BV, according to Centrum Broking, offering an attractive valuation.
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JFS expands its offerings to include consumer durables loans, business and merchant loans, auto loans, and more.
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The company has partnered with 24 insurance companies, offering a wide range of insurance products.
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Jio Financial's consolidated total assets reached Rs 1,19,598 crore by September 30.
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The company plans to enter consumer finance, asset management, and insurance after its demerger from Reliance Industries.
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The appointment of AR Ganesh as the Group Chief Technology Officer adds to JFS's leadership team.
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JFS is a systemically important NBFC registered with the Reserve Bank of India (RBI).
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The company aims to democratize financial services for 1.42 billion Indians, making them simple, affordable, and intuitive.
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Jio Financial's shares closed at Rs 224.85 on the BSE, showing a modest 0.27% increase.
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The Q2 net profit of Rs 668 crore marks a 101% increase from the previous quarter.
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JFS's foray into the financial services industry faces competition from well-established players in a tightly regulated space.