- Jio Financial Services (JFS) is entering the market during a period of significant economic growth in India.
- India is expected to become a 10 trillion US dollar economy by 2035.
- The shift towards consumption and digitization is driving growth across sectors.
- JFS, formerly known as Reliance Strategic Investments Limited, is now the holding company for various financial service businesses.
- JFS includes licensed entities like an NBFC, payment bank, payment aggregator, and insurance broking.
- JFS owns 6.1% of Reliance Industries Limited.
- The demerger and listing of JFS were completed successfully in August 2023.
- The JFS board is chaired by Mr. KV Kamath, with other independent directors appointed.
- The strategy is to democratize financial services through digital offerings for consumers and merchants.
- JFS aims to provide services in borrowing, investments, transactions, and insurance.
- Jio Finance Limited (JFL), the NBFC under JFS, will use modern technology to offer various loan products.
- Risk management, underwriting, and behavioral analytics will play crucial roles in JFL's operations.
- JFL has launched consumer durable and personal loan products in a sandbox environment.
- Mobile data penetration will enable JFS to serve transactional needs through digital products.
- JFS offers savings and current account products through the payment bank business.
- Insurance products are available through the insurance broking business.
- A joint venture with BlackRock is being established for asset management.
- The consolidated profit after tax for Q2 2023 was Rs. 668 crores, including dividend income.
- The consolidated net worth as of September 30, 2023, was Rs. 1.16 lakh crores.
- The standalone profit after tax for Q2 2023 was Rs. 89 crores.
- The PPOP (pre-provision operating profit) increased by Rs. 176.23 crores in Q2 2023.
- Fee and commission income represents income from insurance broking and payment services.
- Total assets of JFS were Rs. 1,19,598 crores, with investments of Rs. 1,12,490 crores.
- RIIHL holds 3.56% of the share capital of Reliance Industries Limited.
- JFS aims to contribute to the growth of the Indian economy.
- The company is committed to rebuilding trust and delivering sustainable returns.
- JFS remains focused on long-term growth and success.
- The company is actively adapting to the changing financial landscape.
- JFS's strategy is to deliver innovative financial services digitally.
- The growth prospects for JFS are significant given India's economic trajectory.