Jio Financial Services Ltd. (JFSL) has announced a strong operational turnaround in its payments businesses during the first quarter of fiscal year 2027. Both Jio Payments Bank Ltd. and Jio Payment Solutions Ltd. demonstrated robust growth in transactions, customer deposits, and fee income, significantly contributing to the company's overall momentum.
Jio Payment Solutions Leads Merchant Acquiring Growth
Jio Payment Solutions, JFSL's merchant acquiring and payment processing arm, recorded an impressive Total Payment Value (TPV) of ₹19,208 crore for the June quarter. This marks a 2.5-fold increase compared to the previous year. The business also experienced substantial growth in its revenue metrics, with gross fee and commission income climbing 6.4 times year-on-year to ₹176 crore, and net fee and commission income rising 3.4 times to ₹24 crore.
The company improved its profitability by expanding net processing margins to 12 basis points and launched a cross-border settlement infrastructure to facilitate international remittances for Indian exporters.
Jio Payments Bank Expands Customer Base and Services
Jio Payments Bank also reported significant operational gains. Its total income surged 7.7 times year-on-year to ₹83 crore, while customer deposits increased by 72% to reach ₹617 crore. The bank's Current Account Savings Account (CASA) customer base expanded by 51% year-on-year, now serving 3.9 million accounts, with the average deposit per customer growing 16% to ₹1,540.
The bank has significantly broadened its distribution network, with its active Business Correspondent (BC) network growing to 527,037 touchpoints. Furthermore, Jio Payments Bank is now managing digital toll payment operations across 20 toll plazas, including a FASTag Automatic Number Plate Recognition (ANPR)-based Multi-Lane Free Flow project for barrierless toll collection.
Broader Financial Performance and Future Outlook
The strong performance of the payments businesses contributed to a broader improvement across Jio Financial's operations. For the quarter ending June 30, JFSL reported a consolidated total income (excluding dividend) of ₹1,496 crore, a 141% increase year-on-year. Profit after tax (PAT) also saw a substantial surge of 156%, reaching ₹830 crore.
Hitesh Sethia, Managing Director and CEO of Jio Financial Services, highlighted that the sustained momentum across all business verticals reflects the strength of the company's comprehensive financial services ecosystem. He noted that JFSL is leveraging artificial intelligence and data analytics to enhance efficiencies and is accelerating investments in newer ventures, including its joint ventures with BlackRock and Allianz, which are expected to contribute significantly in the future.