Flipkart achieves 5 million UPI transactions totaling INR 197.24 crores in March, marking a significant advancement in fintech adoption.
Jio Financial Services Performance:
Jio Financial Services Performance:
JFS reports a nearly 6% increase in consolidated net profit during Q4 FY24, reaching INR 311 Cr, driven by strategic partnerships and ventures.
Financial Year Overview:
Financial Year Overview:
JFS reports a net profit of INR 1,604.5 Cr for FY24, supported by a rise in interest income and expansion into new financial services areas.
Revenue and Expenses:
Revenue and Expenses:
JFS experiences a 4.3% increase in interest income but a decrease in fees and service charges during Q4 FY24.
Business Expansion Initiatives:
Business Expansion Initiatives:
JFS highlights efforts to support supplier lending and introduces innovative initiatives such as a debit card, mobile app, and voice assistant device.
Insurance Sector Partnerships:
Insurance Sector Partnerships:
JFS announces partnerships with 29 insurance companies to strengthen its offerings in the insurance sector.
Market Performance and Future Outlook:
Market Performance and Future Outlook:
Despite a 2.2% drop in share price, JFS remains poised for growth with robust digital services and a solid capital foundation, anticipating further expansion into new financial services areas.
Strategic Ventures with BlackRock:
Strategic Ventures with BlackRock:
JFS enters into a joint venture deal with BlackRock to initiate wealth management and broking businesses, expanding its foothold in the financial sector.
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