New Delhi: Financial sector conglomerate Reliance Capital on Thursday reported an 23 per cent increase in net profit at Rs 164 crore for the quarter ended June 2014, helped by growth in its general insurance and asset management businesses.
New Delhi: Financial sector conglomerate Reliance Capital on Thursday reported an 23 per cent increase in net profit at Rs 164 crore for the quarter ended June 2014, helped by growth in its general insurance and asset management businesses.
The company had reported a consolidated net profit of Rs 133 crore for the corresponding quarter a year ago.
Total income also increased 11 per cent to Rs 2,144 crore in the quarter under review as compared to Rs 1,938 crore in the quarter ended June 2013 for Reliance Capital, the financial services arm of Anil Ambani-led Reliance Group.
Among various segments, the general insurance business recorded a growth of 138 per cent in net profit at Rs 24 crore in the first quarter of 2014-15, while life insurance net profit stood at Rs 34 crore.
The consumer finance unit posted a profit of Rs 84 crore, while Reliance Capital Asset Management Company saw its profit rise 15 per cent to Rs 89 crore.
The average asset under management of Reliance Mutual Fund also rose 15 per cent to Rs 1,12,914 crore.
Across mutual funds, pension funds, managed accounts and offshore funds, Reliance Capital Asset Management managed funds totalling over Rs 2.05 lakh crore as of June 30, 2014.
RCAM's income from operations stood at Rs 207 crore
Reliance Capital further said that its life insurance unit, Reliance Life Insurance, commanded a market share of 10 per cent in private sector life insurance market and its new business premium for the quarter rose 8 per cent to Rs 554 crore.
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