Reliance Nippon Life Asset Management posts 25% net profit growth

Reliance Nippon Life Asset Management (RNAM)-- asset manager of Reliance Mutual Fund (RMF)-- on Monday said it closed the second quarter of the current fiscal with 25 per cent growth in net profit.

In a statement issued here, RNAM said it posted a net profit of Rs 122 crore up by 25 per cent over the figure posted during the corresponding period of the previous year.

The company said its revenue stood at Rs 436 crore for the period under review, a growth of 21 per cent.

As on September 30, 2017, assets under management (AUM) at Rs 381,514 crore registered a growth of 21 per cent.

According to Sundeep Sikka, Executive Director and CEO, RNAM, Prime Minister Narendra Modi's initiatives of demonetisation and Digital India have provided an "excellent platform" to increase financial penetration in India.

Reliance Mutual Fund has also participated with AUM growth at around 25 per cent since October 2016.

"In this period, Reliance Mutual Fund has added over 7 lakh New SIPs - one of the highest in the industry. Our focus continues on profitable growth, while creating value and wealth for all stakeholders," Sikka said in a statement.

--IANS

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