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Mumbai, July 30 Reliance Capital today reported an 8 per cent increase in its standalone net profit, at Rs 326.8 crore against 302.4 crore posted during the corresponding year-ago quarter. The company’s total income, at Rs 785.1 crore, rose 53 per cent.

The consolidated net profit of the company for the same period rose 5 per cent to Rs 343.1 crore (Rs 325.3 crore). The total income increased 31 per cent from Rs 1,176.2 crore to Rs 1,544.6 crore.

Among the group companies, Reliance Capital Asset Management’s net profit rose 67 per cent to Rs 33 crore, said a statement from the company. Reliance Money made its maiden net profit amounting to Rs 12 crore and its total income rose to Rs 78 crore from Rs 13 crore. The new business premium income of Reliance Life Insurance increased to Rs 557 crore (Rs 204 crore).

Reliance Capital has received the RBI approval to set up an overseas subsidiary for international business operations. It has filed an application with National Housing Board to set up a housing finance subsidiary and with the RBI to set up an NBFC subsidiary for consumer finance, said the statement. The share price of the company closed at Rs 1,285 on BSE, rising 5.4 per cent from its previous close.

Future Capital Holdings more than halved its losses, reporting a standalone net loss of Rs 1.35 crore for the quarter ended June 30, 2008. Income increased to Rs 19.34 crore from Rs 3.32 crore.

The company’s investment advisory services business reported increased losses at Rs 3.19 crore (loss of Rs 1.53 crore). Its retail financial services business, too, reported a higher net loss of Rs 2 crore (loss of Rs 0.74 crore). Only the treasury and wholesale business was in the black, reporting a profit of Rs 3.3 crore.

The company has launched its insurance distribution business and plans to start its mutual fund distribution soon, said a statement. The company’s share price gained 2.35 per cent on the BSE today to close at Rs 361.35.

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