Financial sector conglomerate Reliance Capital today reported 10.3 per cent rise in net profit at Rs 235 crore for the third quarter of 2015-16, helped by growth in mutual fund and broking business.
The company’s consolidated net profit in the same period a year ago was Rs 213 crore.
Total income also increased to Rs 2,318 crore during the period this year compared to Rs 2,106 crore in the same period last year, Reliance Capital said in a statement.
Reliance Capital Asset Management, the mutual fund arm, posted a profit before tax of Rs 141 crore for the quarter, an increase of 12 per cent.
Reliance Capital Asset Management, which proposes to acquire Goldman Sachs Asset Management, managed Rs 1,56,948 crore as on December 31, 2015.
The onshore asset management of the Goldman Sachs will be bought at Rs 243 crore, it said.
At the same time, profit of Reliance Capital broking business rose by 74 per cent to Rs 1 crore.
Meanwhile, Reliance General Insurance, the non-life insurance arm of Reliance Capital, posted 5 per cent increase in net profit at Rs 5 crore.
Reliance Life achieved a profit of Rs 8 crore during the quarter.
Nippon Life of Japan will hike its stake from 26 per cent to 49 per cent in Reliance Life by March 2016, it said, adding, the deal values Reliance Life around Rs 10,000 crore.
The declared results of Reliance Capital include consolidation of 48 per cent stake in Reliance Life Insurance, it said.
On standalone basis, Reliance Capital net profit jumped over two-fold to Rs 167 crore during October-December 2015 as compared to Rs 76 crore in the same period a year ago.
Total income also increased to Rs 922 crore during the period this year compared to Rs 805 crore in the same period last year.