Jio Financial Q1 profit jumps 156% to ₹830 crore; acquires SBI stake to make Jio Payments Bank wholly owned
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Jio Financial Services Ltd (JFSL) reported a robust start to FY27, with its consolidated net profit soaring 156% year-on-year to ₹830 crore in the June quarter, driven by sharp growth across lending, asset management, payments and insurance businesses.
The Reliance Group's financial services arm also completed the acquisition of State Bank of India's stake in Jio Payments Bank Ltd (JPBL), making the digital lender its wholly owned subsidiary and further consolidating its financial services ecosystem.
The Mukesh Ambani-led firm also said that it acquired 7.91 crore equity shares of Jio Payments Bank from SBI for ₹104.54 crore after receiving the Reserve Bank of India's approval on June 4, ending the joint venture structure between the two entities. The acquisition comes as JFSL accelerates investments across its lending, payments, wealth management and insurance verticals, positioning itself to capitalise on India's fast-growing digital financial services market.
Commenting on the performance, JFSL Managing Director and CEO Hitesh Sethia noted, "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." He added that the company is stepping up investments in its partnerships with BlackRock and Allianz, saying the businesses "will yield significant benefits over a period of time" as financial products and insurance penetration deepen in India.
Lending, asset management fuel earnings growth
For the quarter ended June 30, 2026, JFSL's total income climbed over threefold to ₹2,005 crore from ₹619 crore a year earlier, while interest income expanded to ₹962 crore from ₹363 crore. Total expenses rose to ₹1,016 crore against ₹261 crore in the corresponding period last year.
The biggest growth driver remained NBFC arm Jio Credit Ltd, whose assets under management (AUM) surged 2.6 times year-on-year to ₹30,667 crore. Quarterly loan disbursements rose 2.7 times to ₹11,252 crore, reflecting sustained momentum in mortgages, retail loans against securities, and corporate and SME lending.
JFSL's joint venture with BlackRock also continued to scale rapidly, with assets under management touching ₹18,412 crore, up 21% sequentially. The company also secured final approval from the International Financial Services Centres Authority (IFSCA) to operate as a retail fund management entity in GIFT City.
Payments, insurance businesses gain traction
The payments business also delivered a strong operational performance. Jio Payments Bank achieved an operational turnaround during the quarter, with customer deposits rising 7% year-on-year to ₹617 crore and its CASA customer base expanding 51% to 3.9 million accounts. Jio Payment Solutions recorded a total payment value (TPV) of ₹19,208 crore, up 2.5 times from a year ago.
Meanwhile, insurance operations gathered pace, with Jio Insurance Broking facilitating premiums worth ₹238 crore during the quarter, up 1.6 times year-on-year. Allianz Jio Reinsurance, in its first full quarter of operations, underwrote gross written premiums of ₹266 crore, while Jio Allianz General Insurance has been incorporated as a 50:50 joint venture and is awaiting statutory and regulatory approvals.