RCap To Increase Lending To SMEs And Consumers In Next 3 Years

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Reliance Capital said today that it will increase its lending to almost three times to SMEs, consumer finance to as much as Rs. 50000 crore in the coming three years time. In a analyst concall, the company carved out its growth strategy for the 3 years time frame and said that it also intends to augment housing finance asset under management (AUM) to an amount equivalent to Rs 50,000 crore in next 3 years.

RCap To Increase Lending To SMEs And Consumers In Next 3 Years

Chief Financial Officer of the company,Amit Bapna said "Reliance Capital is going to unlock significant value by listing three subsidiaries -- AMC, General Insurance and Housing Finance in the current financial year".

Ashish Vohra, CEO of RCap said, "Clear turnaround has been achieved in the operations in Q1 2017-18. There is a sharp improvement across all key performance indicators including new business and persistency". Further he added that "We also plan to expand our distribution network through merger and acquisition opportunities with PSU banks owned life companies".

The company aims to capitalize on technology together with digital platform in a big way for an increased growth in the area of financing as well as concentrate its area on underserved tier 2 as well as tier 3 cities.

RCap for the quarter ended June 30, 2017 reported a 15% increase in consolidated net profit which stands at Rs 238 crore as against Rs. 207 crore in the corresponding period a year ago.


Story first published: Saturday, July 29, 2017, 13:22 [IST]
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