Reliance Commercial Finance PAT up 7%

Reliance Capital reported a 2% year-on-year increase in total income for the September quarter for its subsidiary Reliance Commercial Finance Ltd.

It earned pretax profit of Rs 92 crore, up 7% on year, while total income came in at 502 cr.

As on September 30, 2017, outstanding loan book was Rs. 12,653 crore – a YoY increase of 12%, said the Anil Ambani Group company.

The number of customers was 43,000, while the Assets under Management (AUM) stood at Rs.16,281 crores, up 3%.

Gross NPA ratio was at 4.1% on a 90 day period basis.

Reliance Commercial Finance is a 100% subsidiary of Reliance Capital Limited that offers SME loans, Loans against property (LAP), Infrastructure financing, Agriculture loans and supply chain financing.

“We have made strong progress in Q2, beginning with re-balancing the portfolio in line with our long term strategy. We continue to see good traction in SME loan growth,” said Mr. Devang Mody, ED & CEO, Reliance Commercial Finance Ltd.

“Launch of digital lending platform for Two Wheeler loans is a significant step in our retail lending foray” he added.