Jio Financial Services' net profit fell to ₹313 crore in Q1 from ₹331 crore last year in the previous quarter.
Total income for Q1 was ₹417.82 crore. Expenses rose to ₹79.35 crore from ₹53.81 crore a year ago.
SBI's stake in Jio Payments Bank decreased to 21.45% in Q1 from 22.75% in the previous quarter.
Jio Insurance Broking plans to introduce new digital products and expand its embedded insurance portfolio.
Jio Finance to explore loans against property and securities, with plans to launch more digital insurance products.
Jio Financial Services announced a 50:50 JV with BlackRock for wealth management and broking in India.
Jio Financial share price fell 2.04% to ₹348.15 on July 16. The stock rose 65% since listing in August 2023.