Reliance Capital reports 51 percent jump in earnings (Lead)
November 13th, 2010 - 7:19 pm ICT by IANSMumbai, Nov 13 (IANS) Reliance Capital, the financial services arm of Anil Ambani Group, Saturday reported a 51 percent jump in earnings from major operating businesses for the quarter ended Sep 30 but said its total income and net profit fell due to lower capital gains and a loss in general insurance business.
“As on Sep 30, the net worth of the company stood at Rs.7,963.3 crore ($2 billion) - an increase of 3 percent,” the company said in a regulatory filing with the Bombay Stock Exchange (BSE).
“The company ranks among the top four Indian private sector financial services groups in terms of net worth,” the statement said. Reliance Insurance continues to enjoy the highest top-end rating of “A1+” and “F1″ by ICRA and Fitch respectively.
The company’s net profit stood at Rs.112 crore ($24 million) while the total income was reported at Rs.1,299.8 crore ($280 million) in the quarter under review, the company said in the regulatory filing.
Nearly 90 percent of the operating profits came from its core businesses, like mutual funds, as against 41 percent in the previous corresponding period. Its total assets increased 18 percent during the July-September quarter.
Reliance Mutual Fund, a subsidiary, was ranked first in the industry based on assets under management ($24 billion). Another arm, Reliance Life, sold the highest number of policies compared to other private players.
It sold over 616,000 policies, growing by 24 percent.
Reliance Commercial Finance grew its assets under management by 34 percent to Rs.12,001 crore.
- Reliance Capital reports strong growth in core businesses (Second Lead) - Nov 13, 2010
- Reliance Capital net profit dips 28 percent - Nov 13, 2010
- Reliance Cap Q2 total income rises 19 percent - Nov 11, 2011
- Reliance Capital net profit up 68 percent - Feb 12, 2011
- Reliance Capital Q3 net profit up 229 percent - Feb 10, 2012
- Union Bank of India quarterly net profit up - May 09, 2012
- Reliance Capital consolidated net profit rises 9 percent - May 30, 2011
- Reliance Infra quarterly net profit rises 8 percent - Aug 11, 2011
- Hindalco Industries quarterly net profit drops 2 percent - Feb 09, 2012
- RIL fourth quarter net profit down 21.2 percent (Lead) - Apr 20, 2012
- Punjab National Bank quarterly net profit rises 18.6 percent - May 09, 2012
- Bank of India quarterly net profit rises 93 percent - Apr 30, 2012
- Biocon quarterly net profit declines 29 percent - Apr 27, 2012
- Nippon's pact for 26-percent stake in Reliance asset firm - Mar 22, 2012
- Larsen and Toubro's third quarter net profit up 18 percent - Jan 23, 2012
Tags: a1, anil ambani group, assets under management, bombay stock exchange, capital gains, commercial finance, company ranks, core businesses, financial services arm, financial services groups, general insurance, icra, insurance business, mutual funds, net profit, net worth, private players, reliance capital, reliance mutual fund, rs 1