Reliance Capital net profit up five percent

July 30th, 2008 - 9:43 pm ICT by IANS  

Mumbai, July 30 (IANS) The Anil Dhirubhai Ambani Group (ADAG)-promoted Reliance Capital Ltd (RCL) Wednesday announced a consolidated net profit of Rs.3.43 billion ($81.67 million) for the first quarter of 2008-09 compared to Rs.3.25 billion over the corresponding period last year, recording a growth of five percent. The total revenue of RCL increased to Rs.15.45 billion during the quarter from Rs.11.76 billion of the year-ago period, an increase of 31 percent.

On standalone basis, Reliance Capital Asset Management’s (RCAM) net profit for the quarter rose by 67 percent to Rs.330 million from Rs.200 million of the corresponding period last fiscal.

In the Reliance life Insurance portfolio, the new business premium increased to Rs.5.57 billion in the first quarter of 2008-09 from Rs.2.04 billion of the year-ago period, a growth of 173 percent.

Reliance General Insurance’s gross direct premium increased by five percent to Rs.5.56 billion from Rs.5.29 billion.

Reliance Money posted a net profit of Rs.120 million and revenues shot by 500 percent to Rs.750 million during the quarter from Rs.130 million.

Reliance Consumer Finance achieved a net profit of Rs.70 million, and its revenues increased to Rs.262 billion during the January-February quarter from Rs.70 million of the corresponding period last year.

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