Reliance Capital’s Q2 net profit at Rs 253 crore

Mumbai, Oct 24 (IANS) Leading financial services provider Reliance Capital on Monday reported a consolidated net profit of Rs 253 crore for the quarter ended September 30, 2016.

The net profit grew by one per cent to Rs 253 crore for the second quarter (Q2) of the current fiscal from Rs 250 crore reported for the corresponding period of last year.

However, the Rs 253 crore net profit was reached after the company provided Rs 74 crore to strengthen the reserves of Reliance General Insurance.

“Q2 FY17 Net profit of Rs.327 crore (US$ 49 million) (prior to strengthening of reserves in Reliance General Insurance) – an increase of 31%,” the company said in a filing to the BSE.

“Q2 FY17 Net profit of Rs.253 crore (US$ 38 million) (post strengthening of reserves by Rs.74 crore in Reliance General Insurance) – an increase of 1%.”

According to the filing, the financial services provider’s consolidated total income rose by 108 per cent during the quarter under review to Rs 4,926 crore from Rs 2,372 crore.

The company’s net worth increased by 11 per cent to Rs 15,913 crore as on September 30, 2016.

“As on September 30, 2016, the total assets of the company stood at Rs.72,523 crore (US$10.8 billion) – an increase of 47%,” the filing said.

Among the other highlights, Reliance Nippon Life Asset Management (RNLAM) managed Rs 321,608 crore worth of funds ($48 billion) as on September 30, 2016, across mutual funds, pension funds, managed accounts, offshore funds and alternative investment funds.

The average assets under management (AAUM) of Reliance Mutual Fund stood at Rs 183,129 crore for the quarter ended September 30, 2016 showing an year-on-year growth of 20 per cent.

The life insurance business — Reliance Nippon Life Insurance earned a total premium (net of reinsurance premium) of Rs 1,064 crore.

The gross written premium of Reliance General Insurance increased by 116 per cent to Rs 1,452 crore on a year-on-year (YoY) basis.

The filing revealed that the total assets under management in the commercial finance business during the quarter under review stood at Rs 15,741 crore logging a growth of 9.00 per cent.

The home finance business’s assets under management (including securitised portfolio) was Rs 9,217 crore an increase of 42 per cent.

–IANS

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