Image size increase on loading in memory from local storage?

Hey, I'm loading a jpg Image from local storage in a rawImage variable. The actual size of image is 412kb but when it is loaded in memory its size raise 7.7mb. This is taking a lot of memory on iOS. i have used the following code snippet to load the image.

Texture2D newTexture = new Texture2D(2, 2, TextureFormat.RGB24, false); newTexture.anisoLevel = 1; newTexture.filterMode = FilterMode.Bilinear; newTexture.wrapMode = TextureWrapMode.Clamp; newTexture.LoadImage(File.ReadAllBytes(path)); _image.texture = newTexture;

Can anyone please help get out of this issue? Is there any way to apply compression to image or there is some other thing that I am missing?

Thanks,