Reliance Nippon Life Asset Management posts Rs 522 cr profit

Reliance Nippon life Asset Management posts Rs 522 cr profit

Reliance Nippon Life AMC logo.

Mumbai, April 25 (IANS) Reliance Nippon Life Asset Management (RNAM) on Wednesday said it closed last fiscal with a net profit growth of 30 per cent.

In a statement issued here, the company said it has posted a net profit of Rs 522 crore last fiscal, up by 30 per cent as compared to previous fiscal.

The company's total income for the period under review stands at Rs 1,815 crore, an increase of 26 per cent.

As on March 31, 2018, assets under management were Rs 3,96,370 crore.

According to the statement, Reliance Mutual Fund is one of the largest mutual fund with an overall retail assets of Rs 73,215 crore. Last fiscal the fund added highest retail assets of Rs 20,559 crore in the industry.

"With record profits this year, our focus remains on sustained profitable growth and increasing ROE. We continue to remain bullish on the industry, and will be investing in expanding geographical reach as well as increasing our digital footprint. The fact that post demonetization, the industry has seen lot of retail inflows and the highest market share has come to us, shows our execution capability andAconfidence of investors in the company," ED and CEO Sundeep Sikka was quoted as saying in the statement.

--IANS

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