Mumbai, Jul 19 (IANS): Reliance Home Finance Ltd on Wednesday said it closed the first quarter of the current fiscal with a 58 per cent increase in its total income.

In a statement issued here, the company said it closed the first quarter with a total income of Rs 374 crore logging a year-on-year (YoY) growth of 58 per cent.

Reliance Home Finance is a subsidiary of Reliance Capital Ltd.

According to Reliance Home Finance, the before tax profit for the period under review were Rs 45 crore, a 50 per cent YoY growth.

The disbursements were Rs 2,655 crore during the period under review and the assets under management as on June 30, 2017 stood at Rs 13,022 crore.

The gross non-performing assets ratio was at 0.8 per cent as on June 30, 2017.

Reliance Home Finance said it is on track to be independently listed on stock exchanges within the next few months.

As part of the listing proposal, nearly one million shareholders of Reliance Capital will be allotted one Share free of cost in Reliance Home Finance for every one share held in Reliance Capital.

Reliance Capital will hold a 51 per cent stake in Reliance Home Finance, and the company will be adequately capitalised to grow the lending book multi-fold in the next 18 months.

"We will further strengthen our distribution capabilities through presence in more than 100 locations, growth in the online channel, and a strong technology backbone, to make our offerings accessible to the extremely large untapped market," Ravindra Sudhalkar, ED and CEO, Reliance Home Finance was quoted as saying in the statement.