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Our Bureau

Mumbai , Oct. 26

Reliance Capital Ltd (RCL) has reported an 18 per cent rise in net profit at Rs 192 crore for the second quarter ended September 30. Net profit in the year ago quarter was Rs 162.75 crore. Total income moved up 118 per cent to Rs 537 crore (Rs 246.17 crore) while total expenditure jumped 560 per cent to Rs 313.37 crore (Rs 47.49 crore).

Other expenditure, which includes provisioning for unexpired risks of insurance companies and setting up distribution channels, rose to Rs 126.79 crore (Rs 9.7 crore), while staff costs edged up to Rs 38.37 crore (Rs 5.66 crore). Premium paid on reinsurance ceded by RCL's insurance companies stood at Rs 102.50 crore (Rs 17.03 crore).

RCL's group companies include Reliance Mutual Fund (RMF), Reliance Capital Asset Management (RCAM), Reliance Life Insurance and Reliance General Insurance. The assets under management of RMF and RCAM increased to Rs 28,648 crore (Rs 14,421 crore).

The net profit of RCAM increased by 169 per cent to Rs 35 crore for the half-year fiscal endeding September 30. Reliance Life Insurance raked in premium income of Rs 267 crore, for the period ending September 30, up by 207 per cent over Rs 87 crore. Gross direct premium of Reliance General Insurance saw an increase of 396 per cent to Rs 377 crore (Rs 76 crore).

According to a press release from the company, Reliance Capital is finalizing finalising plans to enter stock broking, distribution of financial products and consumer finance.

As on September 30, 2006, the total assets of the company stood at Rs 4,662 crore while the investment portfolio amounted to Rs 2,553 crore. The net profit of RCL for the half-year fiscal saw a rise of 52 per cent to Rs 305 crore (Rs 200 crore).

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