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.

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