Reliance Capital Q3 profit drops 11% to Rs 209 crore

Reliance Capital today reported a consolidated net profit of Rs 209 crore for the third quarter of the current fiscal, a drop of 11 per cent from the year-ago period, as it made provisions to beef up reserves in general insurance business.
However, the company's total income increased to Rs 3,964 crore in the October-December quarter of the the current fiscal, from Rs 2,353 crore in the year-ago period, Reliance Capital said in a statement.
The firm has set aside Rs 43 crore for Reliance General Insurance. Excluding this amount, Reliance Capital's third quarter profit rose 8 per cent to Rs 252 crore.

As on December 31, 2016, the company's net worth stood at Rs 16,149 crore, a surge of 10 per cent from the same period last fiscal.
Reliance Mutual Fund's profit before tax stood at Rs 152 crore in the third quarter of the current fiscal, a growth of 8 per cent from year-ago period.
Reliance Commercial Finance reported a 2 per cent growth in profit before tax at Rs 80 crore, while the profit before tax of Reliance Home Finance too climbed by 3 per cent to Rs 35 crore and Reliance General Insurance registered an increase of 20 per cent in its profit to Rs 18 crore.

The company's broking and distribution business profit stood at Rs 14 crore in the October-December quarter, 2016-17 as against marginal profits in the corresponding previous period.
Reliance Capital, a part of the Reliance Group, is one of country's leading private sector financial services companies. The Group has a presence across financial services, telecom, energy, power, infrastructure and defence.