New Delhi: Power Finance Corporation Limited (PFC), an Indian financial institution under the ownership of Ministry of Power, has witnessed a 34 per cent increase in standalone profit after tax to Rs 2,274 crore in the first quarter of FY ’22 as compared to Rs 1,700 crore in the last corresponding quarter.

According to an official statement, the company has registered a 15 per cent increase in net interest income to Rs 3,525 crore for the first quarter of the current financial year as against Rs 3,073 crore in the last corresponding quarter. The company has declared Rs 2.25 interim dividend per share. Aided by profit growth, PFC’s net worth for Q1 of 2021- 22 is up by 17 per cent to Rs 54,739 crore from Rs 46,940 crore in the last corresponding period.

The capital adequacy ratio of the company has crossed 20 per cent as on June 30, 2021. The capital adequacy is at a comfortable level with sufficient cushion over and above the prescribed regulatory limits. With the objective to fortify the balance, provisioning coverage on Stage III (NPA) assets was enhanced to 65 per cent. This has resulted in the lowest net NPA levels of two per cent in the past three years.

The company said that Revamped Distribution Sector Scheme with an outlay of Rs 3,03,758 crore provide significant business opportunity to PFC going forward. PFC along with its subsidiary REC has been designated as nodal agencies for facilitating implementation of the scheme. /BI/