Reliance Capital to treble lending to SMEs, consumers to Rs 50,000 crore

Reliance Capital on Friday said it will treble its lending book towards small and medium enterprises as well as consumer finance to Rs 50,000 crore in the next three years.

In a layout of company's growth strategy for the next three years in a analyst concall, Reliance Capital said it also aims to expand the housing finance asset under management (AUM) to Rs 50,000 crore in three years.

The company said it will leverage technology and digital platform in a big manner for an accelerated growth in lending business and simultaneously focus on under-served tier 2 and 3 towns and cities for achieving targeted growth in the lending business.

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

Company CEO Ashish Vohra 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."

"We also plan to expand our distribution network through merger and acquisition opportunities with PSU banks owned life companies," Vohra added.

The company reported a 15 per cent rise in consolidated net profit at Rs 238 crore in the first quarter ended June 30, 2017 against Rs 207 crore a year ago.