Power Finance Corporation (PFC) has reported an over 23% surge in standalone net profit to Rs 1,949.91 crore for the third quarter ended December 31. The company had posted a net profit of Rs 1,582.32 crore for the corresponding quarter of last fiscal, PFC said in a BSE filing today.
According to the statement, total income has increased to Rs 7,063.08 crore in the quarter under review, from Rs 6,994.10 crore in the same period last fiscal.
It also informed the BSE about the non-performing asset provision of Rs 51.19 crore for the current quarter and Rs 475.50 crore for the nine months ended on December 31, 2016.
“Consistent with higher volume of operations, PFC’s ‘Net Profit’ increased by a whopping 23% to Rs.1950 crore from Rs. 1582 crore, during the quarter ended 31st December, 2016. While the Sanctions increased by 64% to Rs 32,027 crore, Disbursements during this period (Q3 FY 17 vs. Q3 FY 16) increased by 13% to Rs, 12,150 crore from Rs 10,755 crore. Earning Per Share (EPS) increased by 23% to Rs. 29.54 from Rs 23.97,” the company said in a media statement later.
The company also stated that the Gross NPA stood at Rs 7,302.67 crore as on December 31, 2016, whereas it was Rs 7,520.21 crore on March 31, 2016.