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Reliance Capital Ltd today reported a 68 per cent jump in consolidated net profit for the quarter ended December 2012 at Rs 101 crore (Rs 60 crore).
The bottomline was boosted by a turnaround in the general insurance business and a better performance in the life insurance and the commercial finance businesses. The asset management business, however, saw a dip in profits.
Reliance Capital's total income for the quarter under review increased by 7 per cent to Rs 1,716 crore (Rs 1,600 crore).
Sam Ghosh, Chief Executive Officer, Reliance Capital, expressed confidence over sustaining this bottomline performance in the current quarter as well.
He also said Reliance Capital would induct a strategic partner for its general insurance business during the next financial year. Plans are afoot to sell 26 per cent stake in its general insurance business to a strategic investor.
For the quarter under review, Reliance General Insurance recorded a profit of Rs 16 crore as against a loss of Rs 34 crore in the same quarter last year.
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