Mumbai, Apr 29 (IANS): Asset management firm Reliance Nippon Life Asset Management (RNAM) on Monday reported a 34 per cent increase in its net profit for the January-March quarter on a year-on-year basis.

The firm's net profit for the fourth quarter of financial year 2018-19 stood at Rs 151 crore, RNAM said in a statement.

For the full fiscal 2018-19, the firm's net profit grew by 7 per cent to Rs 486 crore as compared to the previous fiscal.

"In Q4 FY19, total income was at Rs 397 crore ($57 million), whereas FY19 total income was at Rs 1,650 crore ($235 million)," the statement said.

As on March 31, 2019, RNAM's assets under management rose to Rs 4,22,149 crore ($60.3 billion) -- a YoY increase of 7 per cent.

"During the year, RNAM successfully raised Rs 27,000 crore ($3.9 billion) via two Further Fund Offers of CPSE ETF with participation across all investor categories, out of which Rs 10,000 crore ($1.4 billion) was raised in March 2019 as part of Further Fund Offer 4 of CPSE ETF," the statement said.