Interest income fell 20% to Rs 162 crore in June 2024 from Rs 202 crore a year ago while expenses increased to Rs 79 crore from Rs 54 crore a year ago, mainly as staff expenses increased more than three time to Rs 39 crore in June 2024.
In a presentation to investors accompanying the first quarter results Jio Financial said it had launched loan against mutual funds and auto and two-wheeler digital insurance in July 2024. The company has a tie up with 31 insurance companies.
Jio Financial has about 5 lakh Jio Finance app downloads as of July 14, which was launched as a beta version in May 2024. It has also launched a beta version of its home loans this month and has plans to launch loan against property and loan against securities in the future.
The company also launched its ship leasing business by leasing its first ship under Reliance International Leasing IFSC Limited (RILIL) in a joint venture with group company Reliance Strategic Business Ventures Ltd based in GIFT city.The company will also finance solar panels and IT equipment and has received approval to expand its business correspondents (BC) network to 16,000 outlets. The company said its asset management joint venture with BlackRock is progressing with infrastructure and tech platforms in advanced phases of development.
