Jio Financial reports profit drop as revenue doubles in Q4
Business
Jio Financial Services reported a 14% drop in fourth-quarter profit this year: ₹272 crore compared with ₹316 crore last year.
But here's the twist: their revenue actually doubled, jumping 106% to ₹1,019 crore.
So even with profits down, business activity is clearly picking up.
Jio Financial annual income up 78%
For the full year, Jio Financial's total income shot up 78% to ₹3,274 crore thanks to rapid growth in assets and payment transactions.
Jio Credit now manages over ₹25,000 crore in assets and Jio Payment Solutions handled more than ₹50,000 crore in payments.
Meanwhile, deposits at Jio Payments Bank grew by 84%, and its insurance arm saw a steady rise too.
The company has also proposed a small dividend for shareholders this year.