Reliance Capital Q2 consolidated net up 15% at Rs 250 cr

Total income grew by 13% to Rs 2,361 cr in July-Sept 2015 compared to Rs 2,084 cr in same period last year

Reliance Capital on Monday said it posted a 15 per cent year-on-year increase in consolidated net profit at Rs 250 crore for the September quarter, helped by growth in general insurance and asset management businesses.

The firm's consolidated net profit in the year-ago period was Rs 217 crore. Total income grew 13 per cent to Rs 2,361 crore, against Rs 2,084 crore.

On standalone basis, Reliance Capital net profit grew by 59% at Rs 108 crore during July-September 2015 as compared to Rs 68 crore in the same period a year ago.

Reliance General Insurance, the non-life insurance arm of Reliance Capital, posted 21% increase in net profit at Rs 30 crore. At the same time, profit before tax of Reliance Capital Asset Management, its mutual fund arm, rose by 7% to Rs 122 crore during the quarter.

 

Sam Ghosh, the Executive Director and Group Chief Executive Officer of Reliance Capital, said second half of current financial year, busy season, is expected to be better for business compared to September2014-March 2015. Housing finance unit would benefit from reduction in risk weights from 50 points to 35 points. The capital released would be used to support higher growth, he said.

As on September 30, 2015 , The Reliance Capital had total assets of Rs 49,420 ($ 7.6 billion)- showing a year-on-year (YoY) increase of 11%. The company had a net worth of Rs 14,170 croe ($ 2.2 billion)-a YoY increase of 10%.