Mumbai, May 30 (IANS) Reliance Capital, the financial services flagship of the Anil Ambani Group Monday reported a 9 percent increase in consolidated net profit, before provisioning, to Rs.475 crore.
The company also recommended a dividend of Rs.6.50 per equity share of Rs.10 each.
The one-time provisioning of Rs.183.7 crore was made on account of the change in norms related to losses on account of commercial motor third-party general insurance, as required by the regulator, the company said in a statement.
Nearly 100 percent of Reliance Capital’s operating profits were contributed by its core businesses of asset management, commercial financing, broking and distribution, the statement added.
Among its group companies, Reliance Mutual Fund as on March 31 had a 14.5 percent market share of the mutual fund industry with average assets under management at Rs.101,576 crore ($22 billion).
Another subsidiary, Reliance Life Insurance sold the largest number of individual premium policies in the private sector life insurance industry. The total number of policies in force crossed five million — a growth of 14 percent year-on-year.
Reliance Commercial Finance, a group company offering home loans and other commercial loans, achieved a 100 percent increased in profit after tax at Rs.269 crore.
At the Bombay Stock Exchange, the shares of Reliance Capital closed 2.59 percent up at Rs.500.40.
