Reliance Capital net profit up 12 percent

Mumbai, May 6 (IANS) Reliance Capital on Friday reported a total income of Rs.9,998 crore for the financial year ended March 31, against Rs.8,929 crore for the previous year, posting an increase of 12 percent.

The company, which is part of the Anil Ambani-led Reliance Group, also said its net profit was up 10 percent at Rs.1,101 crore against Rs. 1,001 crore. The company’s board, which met here to consider the audited financial results, also announced a dividend of 100 percent.

For the last quarter of the year in review, while the total income rose 11 percent to Rs.2,828 crore, the net profit prior to one-off creation of reserves in Reliance Life Insurance stood at at Rs. 526 crore — an increase of 29 percent.

Accordingly, the earnings per share rose 7 percent at Rs.43.6.

“As on March 31, 2016, the total assets of the Company stood at Rs.67,112 crore ($10.2 billion) — an increase of 41 percent. The Company has not raised any fixed deposits from the public,” the company said in a statement.

The company said in the area of commercial finance, the total assets under management

was Rs.15,157 crore, or an increase of 7 percent, while in home finance the figure as at the end of 2015-16 was Rs.7,358 crore — an increase of 27 percent.

“Reliance Capital Asset Management managed Rs.2,87,431 crore as on March 31 across mutual funds, pension funds, managed accounts and offshore funds. It is among the top mutual funds in India in terms of assets under management with market share of 11.7 percent,” the company said.

In life insurance, the total Premium, net of reinsurance, stood at Rs. 4,371 crore, while in general insurance the gross insurance premium was Rs. 2,868 crore.

–IANS

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