Reliance Commercial Finance posts Rs 65 cr net profit

Mumbai July 18 (IANS) Reliance Commercial Finance Ltd on Tuesday said it closed the first quarter of the current fiscal with a net profit of Rs 65 crore logging a growth of 44 per cent.

In a statement issued here the company a subsidiary of Reliance Capital Ltd said it had earned a total income of Rs 490 crore and a net profit of Rs 65 crore for the quarter ended June 30.

Reliance Commercial Finance s total disbursement were Rs 3 579 crore and the outstanding loan book was Rs 13 839 crore.

The Assets under Management (AUM) stood at Rs 17 450 crore logging a year-on-year growth of 6 per cent.

The gross non-performing asset was at 4.1 per cent.

"Through smart and intensive application of digital assets we expect to rapidly scale in the coming quarters " Devang Mody ED and CEO was quoted as saying in the statement.

"We expect robust growth in the SME segment where we have created best-in-class underwriting and distribution capabilities. Also we have begun our journey in retail lending an area of significant untapped potential " Mody said.

--IANS
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