Newly listed Jio Financial’s profit doubles

MUMBAI: Jio Financial Services saw its consolidated net profit in the September quarter double to Rs 668 crore from Rs 332 crore – the first results since it was listed after being carved out of RIL. JFS is the holding company for financial services businesses of Reliance. It reported a standalone net profit of Rs 89 crore for the September quarter. Last year’s standalone net profit for the corresponding quarter was Rs 2 crore.

JFS has six businesses: Jio Finance, Jio Insurance Broking, Jio Payments Bank, Jio Payment Solutions and Reliance Industrial Investment Holdings. The sixth business is a to-be-launched mutual fund JV with Blackrock.