PFC net profit rises 80% to Rs 2,085 crore for the quarter ended on 30th September 2020
Total income registers an increase of 15% to Rs. 9,232 Crores
Power Finance Corporation (PFC), India’s leading NBFC focused on the power sector and a PSU under Ministry of Power, for the quarter ended 30th September 2020, registered a growth of 80% in its standalone net profit to Rs 2085 crore and 14% growth in the loan assets as compared to the same period in FY20. The total income also registered an increase of 15% to Rs. 9,232 Crs.
Loan sanctions during the quarter rose 54% to Rs.50,119 crore from a year ago, disbursals in the same period stood at Rs.28,826 crore compared to Rs.18,366 crore a year ago.
On a consolidated level also, the group has performed well during the quarter ended 30th September 2020.
PFC Group recorded a net profit after tax of Rs.4,290 crore compared to Rs 2,497 crore in same quarter last year. The consolidated total income stood at Rs 18,171 crore for the quarter ended 30th September 2020 compared to Rs 15,538 crore in the same period last year, registering a growth of 17%.
Amidst the ongoing pandemic, PFC has been able to show a strong performance by leveraging its position as the leading lender in the power sector.