THEBUSINESSBYTES BUREAU

MUMBAI, JULY 16, 2026

Jio Financial Services Ltd (JFSL) reported a strong financial performance for the first quarter of FY27, with consolidated profit after tax (PAT) surging 156 per cent year-on-year to ₹830 crore, driven by robust growth across its lending, payments, asset management and insurance businesses.

The company's board approved the unaudited financial results for the quarter ended June 30, 2026, highlighting broad-based business expansion and rising digital engagement through the JioFinance app.

Excluding dividend income, total income more than doubled to ₹1,496 crore, marking a 141 per cent year-on-year increase, while pre-provisioning operating profit (PPOP) rose 38 per cent to ₹505 crore. Profit before tax (PBT), excluding dividend income, grew 18 per cent year-on-year to ₹461 crore after adjusting for a one-off exceptional income of ₹29 crore in the corresponding quarter last year. Including dividend income, PBT climbed 131 per cent to ₹970 crore.

JFSL's consolidated shareholders' equity stood at ₹1.37 lakh crore as of June 30, 2026. During the quarter, the company received the second tranche of ₹5,934 crore from its promoter group, taking the cumulative capital infusion to ₹9,890 crore. Jio Payments Bank Ltd and Jio Payment Solutions Ltd also achieved operational turnaround during the quarter.

Operationally, the company's lending arm continued its rapid expansion, with assets under management (AUM) rising 2.6 times year-on-year to ₹30,667 crore. Quarterly gross disbursements increased 2.7 times to ₹11,252 crore, while net interest income surged 118 per cent to ₹257 crore. Profit after tax for Jio Credit Ltd more than doubled to ₹96 crore.

The asset management business, operated through its joint venture with BlackRock, reported AUM of ₹18,412 crore, up 21 per cent sequentially, with liquid fund assets crossing ₹10,000 crore. Around 44 per cent of investors have active SIPs, 36 per cent of retail AUM originates from B30 cities, and 18.5 per cent of investors are first-time mutual fund participants. The joint venture also closed the New Fund Offer for the Prism Specialized Investment Fund Hybrid Long-Short Fund on July 13, raising over ₹150 crore, while receiving final approval from the International Financial Services Centres Authority (IFSCA) to operate as a retail Fund Management Entity in GIFT City.

Jio Payment Solutions posted total payment value (TPV) of ₹19,208 crore, up 2.5 times year-on-year. Gross fee and commission income rose 6.4 times to ₹176 crore, while net fee and commission income jumped 3.4 times to ₹24 crore. The company also launched cross-border settlement infrastructure to facilitate international remittances for Indian exporters.

Jio Payments Bank recorded a 7.7-fold increase in total income to ₹83 crore, while customer deposits grew 72 per cent year-on-year to ₹617 crore. Its CASA customer base expanded 51 per cent to 3.9 million accounts, with average deposits per customer increasing 16 per cent to ₹1,540. The active Business Correspondent network crossed 527,000 touchpoints, compared with just over 50,000 a year ago, while the bank now manages digital toll processing across 20 toll plazas, including one FASTag ANPR-based multi-lane free-flow solution.

The insurance business also maintained strong momentum. Jio Insurance Broking facilitated premiums worth ₹238 crore during the quarter, a 1.6-fold increase year-on-year, while fee and commission income rose 131 per cent to ₹61 crore. Its digital Point of Sales Person (PoSP) channel premium grew nearly eleven-fold, with operations now spanning 25 states.

Meanwhile, Allianz Jio Reinsurance Ltd established its initial market footprint by underwriting ₹266 crore in gross written premiums during its first full quarter of operations. Jio Allianz General Insurance Ltd has also been incorporated as a 50:50 joint venture with Allianz, with statutory and regulatory approvals currently underway.

The JioFinance app continued to witness rapid customer adoption, with over 25 million unique users accessing its AI-native conversational marketplace available in seven languages through 16 AI agents and 10 machine learning models. The platform now offers products including personal loans, credit cards, digital gold and fixed deposits, logging an average of around 34,000 product purchases per day during June 2026. Its integrated rewards programme issued more than 204 million JioPoints to 5.7 million enrolled customers, reflecting significant growth in customer engagement and loyalty.

Commenting on the performance, Jio Financial Services Managing Director and CEO Hitesh Sethia said: "The sustained business momentum across our verticals validates the granular architecture of our full-stack ecosystem and the strength of our execution. By strategically integrating AI and data analytics, we have unlocked significant efficiency gains across the value chain. We continue to drive robust growth in our tailored lending solutions, expand access to innovative investment products through our asset management arm, and power the operational turnaround of our payments business through revenue diversification and strict focus on unit economics. Given the massive opportunity in the country for deeper penetration in sectors like investment solutions and insurance, we are accelerating our investments towards some of our newer businesses including our JVs with BlackRock and Allianz in these areas, which will yield significant benefits over a period of time."