Reliance Home Finance posts Rs 46 cr net profit

Mumbai, Feb 7: Reliance Home Finance Ltd on Wednesday said it closed the quarter ended December 31, 2017, with a net profit of Rs 46 crore.

In a statement issued here, Reliance Home Finance, a subsidiary of Reliance Capital, said it posted a net profit of Rs 46 crore for the quarter ended December 31, 2017, up from Rs 23 crore posted for the quarter ended December 31, 2016.

According to the company, the total income for the period under review stood at Rs 421 crore up from Rs 270 crore earned for the quarter ended December 31, 2016.

Reliance Home Finance said its disbursements were at Rs 1,628 crore for the period under review, 35 per cent higher than the corresponding period the previous year.

"Q3 has been very robust for Reliance Home Finance on all parameters. Macro environment is extremely favourable for funding affordable housing segment, which we will grow at an accelerated pace," Ravindra Sudhalkar, Executive Director and Chief Executive Officer, was quoted as saying in the statement.

"In addition to the growth in business through the online channel, with six new branches (including two affordable home loan branches) and 24 new branches in FY19, we will be present in more than 200 locations through our 75 branches," he added.