Jio Financial Services shares fall 1%; company acquires 17.8% stake of SBI in Jio Payments Bank

On Wednesday, Jio Financial Services said it had acquired the entire 17.8% stake of State Bank of India (SBI) in Jio Payments Bank for a consideration of ₹104.54 crore.

With the stake buy, Jio Payments Bank becomes a wholly-owned subsidiary of JFSL.

The company acquired 7,90,80,000 equity shares of Jio Payments Bank from SBI for an aggregate consideration of Rs 104.54 crore pursuant to the approval received from the Reserve Bank of India (RBI) on June 4, JFSL said in a regulatory filing.

Consequent to this acquisition, Jio Payments Bank has become a wholly-owned subsidiary of the company, it said.

Prior to the stake buy, Jio Financial held an 82.17% stake in Jio Payments Bank.

Jio Financial Services: Latest updates

Jio BlackRock Mutual Fund, which last month got an asset management licence from market regulator SEBI, on Monday, June 16, introduced Aladdin, BlackRock's unique investment analytics and risk management platform.

Jio BlackRock Asset Management Pvt Ltd is a 50:50 joint venture between Jio Financial Services Ltd (JFSL) and US-based BlackRock.

"Investing should be simple. And it should work for you. That's the belief that brought Jio Financial Services and BlackRock together. "We've blended Jio's digital-first approach with BlackRock's global investment expertise to build solutions around what Indian investors truly need," the mutual fund company said in a post on X.

Jio Financial Services Q4 FY25 Results

Jio Financial Services Ltd said its consolidated net profit rose 1.8% to ₹316.11 crore during the March quarter (Q4 FY25).

The company had posted a consolidated net profit of ₹310.63 crore in the same quarter of the previous 2023-24 fiscal year. Its profit in the third quarter of the 2024-25 fiscal year was ₹295 crore, Jio Financial Services said in a regulatory filing.

Total income increased to ₹518 crore from ₹418 crore in the fourth quarter of the previous fiscal year, a year-on-year (YoY) growth of 24%.

Total expenses also witnessed a YoY increase at ₹168 crore as compared to ₹103 crore logged in the same quarter a year ago.

For the full 2024-25, the company's net profit also improved marginally to ₹1,612.59 crore, as against ₹1,604.55 crore in 2023-24.