Mumbai: The financial services arm of Anil Dhirubhai Ambani Group Reliance Capital today reported 39% rise in net profit during the second quarter mainly due to growth in mutual fund and finance business.The company posted a net profit of Rs 352 crore during the quarter as against Rs 253 crore in the corresponding period last yearThe total income rose 7% to Rs 5,254 crore for the quarter ended September 30, the company said in a release.The profit before tax of the mutual fund business grew 20% to Rs 177 crore for the quarter. Average assets under management grew to Rs 3,81,514 crore at the end of the quarter.The general insurance arm of the company reported 40% increase in net profit to Rs 47 crore. The gross written premium was Rs. 1,688 crore an increase of 16% over the same period last year.The commercial finance business reported an increase of 7% in the net profit to Rs 92 crore during the quarter. The outstanding loan book grew 12% to Rs 12,653 crore.Shares of the company rose 0.54 % to close at Rs 470.80 on the Bombay Stock Exchange.

Source: Economic Times November 14, 2017 14:48 UTC