Reliance Capital Q2 profit up 20% on MF, general insurance push

Financial services major Reliance Capital on Friday reported a 20 per cent rise in its second quarter net profit to Rs 217 crore, helped by robust growth in mutual fund, commercial finance and general insurance businesses.

The total income rose by 12 per cent to Rs 2,084 crore for the quarter ended September 30, the company said in a release.

In asset management business, the profit before tax rose by 71 per cent to Rs 114 crore, while average assets under management grew to Rs 1,22,068 crore.

Among other businesses, commercial finance and general insurance also witnessed significant growth.

In the year-ago period, net profit stood at Rs 181 crore while total income was Rs 1,869 crore.

Reliance Life Insurance's net profit touched Rs 53 crore in the latest September quarter. During the same period, the net profit of Reliance General Insurance stood at Rs 25 crore.

Shares of the company rose over 1 per cent to close at Rs 480.10 on the BSE.