Reliance Capital net profit up five percent

Wednesday, 30 July 2008, 07:00 Hrs
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Mumbai: The Anil Dhirubhai Ambani Group (ADAG)-promoted Reliance Capital(RCL) has announced a consolidated net profit of 3.43 billion ($81.67 million) for the first quarter of 2008-09 compared to 3.25 billion over the corresponding period last year, recording a growth of five percent.

The total revenue of RCL increased to 15.45 billion during the quarter from 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 330 million from 200 million of the corresponding period last fiscal.

In the Reliance life Insurance portfolio, the new business premium increased to 5.57 billion in the first quarter of 2008-09 from 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 5.56 billion from 5.29 billion.

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

Reliance Consumer Finance achieved a net profit of 70 million, and its revenues increased to 262 billion during the quarter from 70 million of the corresponding period last year.
Source: IANS
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