Rs 8,444 crore net profit for PFC in FY 21
State-owned non-banking finance firm Power Finance Corporation ...
State-owned non-banking finance firm Power Finance Corporation (PFC) has recorded the highest-ever net profit of Rs 8,444 crore for the financial year 2020-21, a 49 per cent jump over the previous year. In FY20, the PFC had reported a net profit of Rs 5,655 crore on a standalone basis.
The company’s consolidated net profit also increased by 66 per cent in FY21 to Rs 15,716 crore against Rs 9,477 crore reported in FY20. During 2020-21, the power sector lender increased its net interest income to Rs 12,951 crore in comparison to Rs 10,097 crore reported in FY 20. The company declared a dividend of Rs 2 per share which takes up its total dividend distribution in FY 21 of Rs 10 per share, i.e. 100 per cent. Aided by profit growth, PFC’s net worth for FY21 also increased by 16 per cent to Rs 52,393 crore. Unlike commercial banks, PFC’s Gross NPA ratio saw a sharp reduction of 238 bps from FY20. The current GNPA ratio is at 5.70 per cent against 8.08 per cent in FY20.