Reliance Capital net up by 23 percent

Financial services major Reliance Capital Ltd Thursday announced that it closed the first quarter of 2014-15 with a 23 percent rise its consolidated net profit and 11 percent increase in total income as compared to previous year's corresponding period.

In a statement here, the company part of Anil Dhrubhai Ambani group said its net profit the period ended June 30, 2014 stood at Rs.164 crore up from Rs.133 crore posted during the first quarter of 2013-14.

The company said its total income on consolidated basis for the period under review stood at Rs.2,144 crore as compared to Rs.1,938 crore logged during comparable period the previous year.

The company's net worth went up by four percent to Rs.12,643 crore and the total assets stood at Rs.45,869 crore as June 30,2014.

According to the statement, group company Reliance Life Insurance Company Ltd logged six percent growth in total premium (new+renewal) net of reinsurance clocking an income of Rs.968 crore.

For the quarter ended the company has posted a net profit of Rs.34 crore and the surplus from non-participating policies stood at Rs.21 crore.

On the other hand the non-life insurance company Reliance General Insurance Company Ltd closed the first quarter with a premium income of Rs.787 crore and a net profit of Rs.24 crore.

The Reliance Commercial Finance had disbursed Rs.2,041 crore for the period under review logging a growth of 10 percent. The total income for the first quarter showed four percent growth at Rs.562 crore.

One of the largest mutual funds in the country Reliance Capital Asset Management (RCAM) managed Rs.205.960 crore for the period ended June 30,2014.

The company booked an income of Rs.207 crore and a pre-tax profit of Rs.89 crore.

The broking business (equity, commodities, wealth management solutions) earned an income of Rs.39 crore and a pre-tax profit of Rs.2 crore.