Latest News | PFC Q1 Profit Up 31 Pc to Rs 5,982 Cr; Loan Asset Book Grows 17 Pc to Rs 8.86 Lakh Cr

New Delhi, Aug 11 (PTI) State-owned Power Finance Corporation (PFC) on Friday posted a nearly 31 per cent rise in consolidated net profit to Rs 5,982.14 crore for the April-June quarter of 2023-24.

The company reported a profit of Rs 4,579.53 crore in April-June 2022, a BSE filing said.

Also Read | UPSC NDA 2 Admit Card 2023 Out on upsc.gov.in, Know How to Download.

Total income rose to Rs 21,001.44 crore in the quarter from Rs 18,544.04 crore in the same period a year ago.

The board approved a proposal to issue bonus shares to the shareholders in the ratio of 1:4, i.e. one bonus share of Rs 10 each fully paid-up for every four existing shares of Rs 10 each fully paid-up by capitalizing a sum not exceeding Rs 660.02 crore.

Also Read | Delhi Gas Leak Incident: 24 Students of MCD School Hospitalised After Gas Leakage in Naraina.

The company's board also decided to defer the proposal to declare an interim dividend for FY24.

In a separate statement, the company said its consolidated loan asset book was at Rs 8,86,723 crore as on June 30, 2023, up by 17 per cent over Rs 7,58,074 crore as on June 30, 2022. The disbursements on a consolidated basis also increased three-fold to Rs 56,925 crore in the first quarter of FY24 over Rs 17,084 crore in April-June 2022.

"The net NPA has reached its lowest level at 1 per cent in Q1 FY24 from 1.57 per cent in Q1 FY23. While the gross NPA declined by 148 bps from 5.02 per cent in Q1 FY23 to 3.54 per cent in Q1 FY24," the company said.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)