Reliance Capital Q1 net profit rise 23% to Rs 164 cr

Total income increased by 11% to Rs 2,144 crore

Financial sector conglomerate Reliance Capital today reported an increase of 23% in its first quarter net profit at Rs 164 crore, helped by growth in general insurance and asset management businesses.

The company's consolidated net profit rose to Rs 164 crore in the quarter ended June 30, 2014, from Rs 133 crore in the year-ago quarter.

Total income also increased by 11% from Rs 1,938 crore to Rs 2,144 crore in the same period 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% in its net profit to 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 by 15% to Rs 89 crore.

The average asset under management of Reliance Mutual Fund also rose by 15% to Rs 1,12,914 crore.

Across mutual fund, pension funds, managed accounts and offshore funds, Reliance Capital Asset Management managed funds totalling over Rs 2.05 lakh crore as on 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% in private sector life insurance market and its new business premium for the quarter rose by 8% to Rs 554 crore.