Mumbai, (IANS) : Housing finance company Reliance Home Finance Ltd, a subsidiary of Reliance Capital Ltd, on Wednesday said it closed the last fiscal with a net profit of Rs 173 crore (($20 million).

The company also said it is on track to get its shares listed independently in the bourses, subject to regulatory approvals.

In a statement issued here, Reliance Home said it closed last fiscal with an after tax profit of Rs 173 crore up from Rs 87 crore earned during the previous fiscal.

The company’s total income for the year ended March 31, 2017 was Rs 1,145 crore ($176 million), logging an year-on-year growth of 40 per cent.

Return on Equity (RoE) improved from 16.5 per cent to 17.7 per cent during the same period.

According to the statement, the assets under management (AUM) stood at Rs 11,174 crore (US$ 1.7 billion) – a YoY increase of 87 per cent.

Total disbursements were at Rs 7,333 crore ($ 1.1 billion) – up 87 per cent – which includes Rs 1,102 crore ($170 million) disbursed towards affordable housing with an average ticket size of Rs 11 lakh, the company said.

Gross non-performing assets (on 90 dpd basis) improved to 0.8 per cent from 1.1 per cent as on December 2016.

As a part of the listing proposal, 49 per cent stake in the company will be allotted to all shareholders of Reliance Capital, in the ratio of one share free of cost in Reliance Home for every one share held in Reliance Capital, the statement said.

The proposal is expected to unlock substantial value for all existing shareholders and will benefit nearly one million shareholders of Reliance Capital that will be getting one free share of Reliance Home.

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