Reliance Capital net profit up 68 percent

February 12th, 2011 - 7:58 pm ICT by IANS  

oMumbai, Feb 12 (IANS) Reliance Capital Saturday reported a total income of $305 million for the quarter ended Dec 10 and said its consolidated net profit, at $24 million, was up 68 percent over the corresponding period of the previous year.”Entire profits of Reliance Capital were contributed by the core business. No capital gains were booked in the quarter,” the company said in a regulatory filing with the Bombay Stock Exchange (BSE).

The company also said the earnings per share stood at Rs.4.36 against Rs.2.57 during the previous year under review, representing an increase of 69 percent. As on Dec 31, 2010, the company’s net worth also moved up 4 percent to Rs.8,126 crore ($2 billion).

This apart, total assets of Reliance Capital, a part of the Anil Dhirubhai Ambani Group, also increased 26 percent to $7 billion. The investment portfolio of the listed company as on Dec 31 was $372 million at cost.

The other highlights of the unaudited results are:

-Reliance Mutual fund remains market leader with 15 percent share

-Average asset under management stood at $23 billion as on Dec 31

-Reliance Life Insurance sold highest policies among private players

-Life insurance entity commands market share of 8 percent among private players

-This entity has funds worth $4 billion under management, up 50 percent

-It also sold over 300,000 policies in the quarter, highest for private players

-Reliance General Insurance saw gross written premium rise 13 percent

-General insurance entity commands market share of 9.6 percent among private players

The company reported that its subsidiary Reliance Exchange Next has received regulatory approvals to acquire a 26-percent stake as an investor in Indian Commosdity Exchange, a screen-based online derivative exchange for commodities.

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