The third quarter performance of Reliance Capital Ltd was bolstered by a spike in profits in its mutual fund and commercial finance businesses.
Profit before tax from the mutual fund business saw a 46 per cent jump in the quarter ended December 31, while that from the commercial finance operations rose 24 per cent during the same period.
All business segments of the Anil Ambani-led company — mutual funds, general and life insurance, commercial finance and wealth management – recorded profit in the third quarter compared with the year-ago period, said CEO Sam Ghosh.
The company’s overall performance in the current fiscal would be better than that of the previous year, he told
Ghosh, however, declined to give any forward guidance on consolidated profit for the current fiscal.
Reliance Life Insurance, in which R-Cap has a 48% stake, reported a net profit of ₹27 crore for the quarter.
The insurer saw a new business premium income of ₹401 crore.
Total premium income (net of re-insurance) was ₹971 crore, a 4 per cent increase year-on-year.
Aided by a sharp increase in the average assets under management, the asset management business recorded a profit before tax of ₹84 crore for the third quarter, a 46 per cent jump.
Reliance Capital Asset Management had average assets under management of ₹1.02 lakh crore during the quarter.
While Reliance General Insurance’s gross written premium was up 21 per cent to ₹599 crore, the profit for this segment was slightly lower at ₹11 crore in the third quarter.
srivats.kr@thehindu.co.in