Jio Financial said it will increase financial services penetration by transforming and modernising them with a digital-first approach. In its presentation, It is offering personal loan for salaried and self-employed individuals “with end-to-end digital journey launched in MyJio app in Mumbai.”
Shares of Jio financial services Ltd will be in focus on Tuesday morning after the demerged business of Reliance Industries Ltd reported doubling of consolidated profit after tax for the September quarter and announced ventures into new businesses. Jio Financial said its profit climbed 101 per cent sequentially to Rs 668 crore compared with Rs 371 crore in the same quarter last year. Interest income fell 7.86 per cent to Rs 186 crore but total income rose 46.82 per cent to Rs 608 crore from Rs 414 crore in the same quarter last year, added by dividend income. Pre-provisioning operating profit grew 48.93 per cent to Rs 537 crore from Rs 360 crore QoQ.
Centrum Broking in a flash note said Jio Financial Services (JFS) enjoys strong brand equity, experienced board and management team, strong capital base and access to large customer base and in-house stores through group companies, providing it head start to growth. It finds the company’s networth at Rs 20,857 crore. For arriving at adjusted networth, the brokerage deducted the value of equity and preference share investments in associate companies.
“Our calculation suggests that at 20 per cent discount to stake in RIL, JFSL is trading at 3.1 times P/BV,” Centrum Broking said.
Jio Financial said it would increase the penetration of its financial services by transforming and modernising them with a digital-first approach. In its presentation, Jio Financial said it was offering personal loan for salaried and self-employed individuals “with end-to-end digital journey launched in MyJio app in Mumbai.”
FS noted that it has launched pan-India consumer durables loan across 300 stores. Business and merchant loans for self-employed individuals, sole proprietors and small business entities, auto loans, home loans, loans against shares are some of the products in pipeline, JFS said in the presentation.
Jio Financial said it has established partnership with 24 insurance companies, which included five life insurers, 15 general insurance companies and four health insurers. Jio Financial said it is offering a wide range of products such as life, general, health insurance, auto Insurance, corporate solutions and employer-employee benefits and embedded insurance, among others.
Jio Financial said its consolidated total assets stood at Rs 1,19,598 crore as on September 30. It noted that its consolidated net worth stood at Rs 1,15,631 crore at the end of September quarter compared with Rs 1,14,120 crore as on March 31.
