Jio Financial Services reports strong growth in lending and payments

Jio Financial Services' non-banking financial company (NBFC) arm, Jio Credit, reported a 173% year-on-year increase in loan disbursements for the first quarter of fiscal year 2027, reaching Rs 11,252 crore. Assets under management grew by 163% to Rs 30,667 crore.

The company's payments bank, Jio Payments Bank, saw its customer base with deposits grow by 51% to nearly 4 million users. Customer deposits within the bank surged 72% to Rs 617 crore. Jio Financial Services, the fintech arm of Reliance Industries, also operates in payments, insurance, and asset management.

Jio Payment Solutions, the company's payments processing arm, reported a 2.5-fold increase in total payment value (TPV) to Rs 19,208 crore. Fee and commission income saw significant growth, and the company expanded its services to include cross-border payment collections.

In asset management, JioBlackRock saw its assets under management rise 21% to Rs 18,412 crore. Jio Financial Services has also established a new general insurance joint venture with Allianz SE, pending regulatory approval.

Overall operating revenue for Jio Financial Services rose 227% to Rs 2,004.5 crore, with net profit increasing by 156% to Rs 830.2 crore. The company attributed its rapid growth to strong demand for its financial technology offerings.