Jio Financial Services Limited (JFSL) is a digital-first financial services arm of Reliance Industries, offering lending, payments, insurance, and investment solutions. Launched in 2023, it operates through subsidiaries like Jio Finance, Jio Payments Bank, and Jio Insurance Broking. With 8M+ users on its JioFinance App and ₹10,053 Cr AUM, JFSL aims to democratize finance via technology, partnerships (e.g., BlackRock JVs), and a customer-centric approach. Listed on BSE (543940) and NSE (JIOFIN).
In this article we are going to discuss the summary of the management commentary that was delivered on Q4FY25 performance.
Key Business Highlights
-In FY25, the company earned an income of Rs. 349 crore from our core business operations, up 101% year-on-year.
- This comprises interest income
- from Jio Finance Limited and Jio Payments Bank Limited;
- fees & commission income from Jio Payment Solutions Limited, Jio Insurance Broking Limited, Jio Payments Bank Limited and Jio Finance Limited.
-The Company also reported a healthy pre-provisioning operating profit of Rs. 1,594 crore for FY2025, including investment income and dividend income.
-We also made equity investments of Rs 1,346 crores in our group entities including Jio Finance Limited, Jio Payments Bank Limited, and the joint ventures with BlackRock for asset management and wealth management, to enable these entities expand their market presence.
-The Board of Directors of the Company have recommended a dividend of Rs. 0.5 per equity share with a face value of Rs 10.
Digital Growth
-The JioFinance App, which was launched in May 2024 and integrated with MyJio in September 2024.
-It has rapidly achieved significant traction, and crossed 8 million monthly active users across company’s digital platforms in March 2025.
Jio Finance Limited(JFL)
Has grown its Assets Under Management significantly to Rs. 10,053 crores as of March 31, 2025, compared to Rs. 173 crores as of March 31, 2024 and Rs. 4,199 crores as of December 31, 2024.
- Product Portfolio
- Retail: Home Loan (incl. Balance Transfer & Top-up), Loan against Property (LAP), Loan against Mutual Funds and Loan against Shares.
- Corporate: Vendor Financing, Working Capital Loan, Term Loan, Factoring.
Jio Payments Bank Limited (JPBL)
-Customer base tripled to 2.31 million; deposits tripled to Rs. 295 crore.
-Agreement to acquire SBI’s remaining stake (awaiting regulatory approval).
Jio Payment Solutions (JPSL)
Received Online Payment Aggregator license.
Jio Insurance Broking Limited (JIBL)
JIBL has tied up with 34 insurers.
JIBL currently offers as many as 61 plans across life, health and motor insurance directly to customers.
Strategic Pillars
Product
Through the JioFinance app and MyJio, the company offers convenient financial solutions to customers, spanning payments, banking, loans, insurance, and investment options like Digital Gold.
- A key feature of the App is MyMoney which is a streamlined personal finance manager, helping customers keep track of their expenses and investment portfolio.
- the JioFinance App was launched in Q1 FY25 and integrated with MyJio in Q2 FY25.
- The launch of JioSoundPay, an innovative way of receiving audio UPI alerts on the JioBharat feature phone, is helping the company to reach and onboard small merchants for its payment solutions business.
Distribution
- The company expanded our physical presence to 10 Tier-1 cities and will continue to focus on cities with strong demand for credit.
- JPBL’s Business Correspondent network has been expanding rapidly, growing around 6x year-on-year over 14,000 BCs.
Technology
The implementation of new systems in company’s lending business, the re-platforming of its payment solutions’ tech architecture, and the unified tech stack across JFSL are mission-critical achievements.
These initiatives, driven by company’s core technology tenets – including Fit-For-Purpose, SaaS-first, Reliability and Availability, and Zero Ops – position it for great operational efficiency and provide a strong platform for future growth and innovation.
Data Intelligence
The company has built a robust infrastructure layer that seamlessly integrates diverse data sources which includes bureau, account aggregator, alternate data, and our proprietary data within the regulatory guardrails. This comprehensive data is then processed and analyzed using advanced analytics and AI, all within a strong data governance framework.
People
The company has Lean team of ~1,000 employees, blending traditional banking and fintech expertise.
Financial Highlights
Statement of Profit and Loss – Consolidated
| Particulars (in Rs. crore) | Q4 FY24 | Q4 FY25 | FY24 | FY25 |
|---|---|---|---|---|
| Interest income | 281 | 276 | 938 | 853 |
| Dividend income | – | – | 217 | 241 |
| Fees and commission income | 31 | 39 | 152 | 155 |
| Net gain on fair value changes | 106 | 178 | 547 | 794 |
| Other Income | 0 | 25 | 1 | 36 |
| Total Income | 418 | 518 | 1,855 | 2,079 |
| Staff Expenses | 39 | 55 | 116 | 215 |
| Other Operating Expenses | 62 | 89 | 209 | 270 |
| Total Expenses | 101 | 144 | 325 | 485 |
| Pre-provisioning operating profit | 317 | 374 | 1,530 | 1,594 |
| Provisions | 2 | 24 | 2 | 40 |
| Share of Associates & JV (net of tax) | 78 | 46 | 428 | 393 |
| Profit before tax | 393 | 396 | 1,956 | 1,947 |
| Provision for taxation | 82 | 80 | 351 | 334 |
| Profit after tax | 311 | 316 | 1,605 | 1,613 |
Statement of Profit and Loss – Standalone
| Particulars (in Rs. crore) | Q4 FY24 | Q4 FY25 | FY24 | FY25 |
|---|---|---|---|---|
| Interest income | 87 | 42 | 382 | 117 |
| Dividend income | – | – | – | 235 |
| Fees and commission | 2 | 3 | 2 | 6 |
| Net gain on fair value changes | 52 | 107 | 255 | 447 |
| Other Income | – | 23 | – | 34 |
| Total Income | 141 | 175 | 639 | 839 |
| Staff Expenses | 13 | 18 | 43 | 83 |
| Other Operating Expenses | 24 | 30 | 74 | 96 |
| Total Expenses | 37 | 48 | 117 | 179 |
| Pre-provisioning operating profit | 104 | 127 | 522 | 660 |
| Provisions | – | 1 | – | 7 |
| Profit before tax | 104 | 126 | 522 | 653 |
| Provision for taxation | 26 | 29 | 139 | 104 |
| Profit after tax | 78 | 97 | 383 | 549 |
Balance Sheet – Consolidated
| Particulars (in Rs. crore) | As on Mar 31, 2024 | As on Mar 31, 2025 |
|---|---|---|
| Assets | ||
| Cash & Bank Balances | 10,960 | 4,072 |
| Investments | 1,33,292 | 1,18,910 |
| Loans | 173 | 10,053 |
| Other assets | 438 | 475 |
| Total assets | 1,44,863 | 1,33,510 |
| Liabilities | ||
| Net worth | 1,39,148 | 1,23,497 |
| Equity share capital | 6,353 | 6,353 |
| Other Equity | 1,32,795 | 1,17,144 |
| Other Liabilities | 5,715 | 10,013 |
| Total Liabilities | 1,44,863 | 1,33,510 |
Balance Sheet – Standalone
| Particulars (in Rs. crore) | As on Mar 31, 2024 | As on Mar 31, 2025 |
|---|---|---|
| Assets | ||
| Cash & Bank Balances | 4,590 | 558 |
| Investments | 19,720 | 22,706 |
| Loans | 92 | 1,748 |
| Other assets | 72 | 84 |
| Total assets | 24,474 | 25,096 |
| Liabilities | ||
| Net worth | 24,437 | 24,985 |
| Equity share capital | 6,353 | 6,353 |
| Other Equity | 18,084 | 18,632 |
| Other Liabilities | 37 | 111 |
| Total Liabilities | 24,474 | 25,096 |