PFC’s Q4 profit rises 9% to 1,411 cr

State-owned power sector lender PFC posted a 9 per cent rise in its net profit at Rs 1,411.41 crore for the quarter ended March 31, 2014 largely on account of an increase in income from operations. The company had reported a profit of Rs 1,294.13 crore in the corresponding quarter of the last financial year.

Total income from operations during the quarter under review rose to Rs 5,632.36 crore from Rs 4,668.95 crore in the same period in the previous year, Power Finance Corporation (PFC) said in a statement. The company’s net profit for 2013-14 ended jumped 23 per cent to Rs 5,418 crore from Rs 4,420 crore in the previous year fiscal.

Total income from operations rose to Rs 21,522.42 crore during 2013-14 from Rs 17,266.14 crore in 2012-13.  The company board announced a dividend of 20 paise per share in addition to already paid interim dividend of Rs 8.80 per share thereby making total dividend of Rs 9 per share for 2013-14.

Company’s net interest income (NII) during 2013-14 rose to Rs 8,480 crore from Rs 6,308 crore, the statement said. PFC’s loan assets at the end of 2013-14 increased to Rs 1,89,231 crore from Rs 1,60,396 crore in the previous year. The company sanctioned loans worth Rs 17,364 crore during the last financial year, the statement added.

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