State-owned lending institution Power Finance Corporation (PFC) announced a net profit of Rs 1,576 crore for the quarter ended June 30. Net profit for the April-June quarter saw an increase of 9% compared to R1,448 crore in the year-ago period.
Total income came in at R6,759 crore, up 15% from the comparable period a year ago.
Net interest income for the first quarter of the current fiscal jumped 22% over the previous year to R2,792 crore the company said in a BSE filing. Loan assets for the quarter rose 13% to R2.21 lakh crore, whereas non-performing assets, as a percentage of loan assets, stood at 1.02%.
For the first quarter, the company also said that it has sanctioned loans worth over R16,000 crore to four major thermal power projects.