Reliance Capital net up 15% in Q1

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Mumbai, July 27 (IANS) Reliance Capital Ltd on Thursday said it closed the first quarter of the current fiscal with 15 per cent growth in its consolidated profit.

In a statement issued here, the company said it closed the quarter ended June 30, 2017 with a net profit of Rs 238 crore, logging a growth of 15 per cent over previous year corresponding period’s figures.

For the period under review, the company had posted a total income of Rs 4,857 crore as against Rs 3,663 crore earned during the quarter ended June 30, 2016.

According to the company, its net worth, as on June 30, 2017, stood at Rs 16,777 crore – an increase of seven per cent.

As on June 30, 2017, the total assets of the company stood at Rs 87,465 crore – an increase of 26 per cent. The company has not raised any fixed deposits from the public.

The company said listing of Reliance Nippon Life Asset Management (RNAM) and Reliance General Insurance Company Ltd would be completed in FY18 subject to the necessary regulatory approvals.

The statement said RNAM is India’s largest asset manager, with assets under management (AUM), as on June 30, 2017, at Rs 3,62,550 crore – an increase of 24 per cent over last year.

For the quarter ended June 30, 2017, RNAM’s income from its operations was Rs 395 crore – an increase of 27 per cent over last year.

Reliance Commercial Finance Ltd closed the first quarter with a net profit of Rs 65 crore logging a growth of 44 per cent.

The non-life insurer Reliance General posted a profit of Rs.44 crore.

Reliance Nippon Life Insurance Company posted eight per cent growth in its premium income at Rs 700 crore for the period under review.

Reliance Securities, the broking and distribution arm of Reliance Capital, has logged 51 per cent growth in income at Rs 82 crore for the first quarter.

–IANS

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