PFC ends FY 2019-20 on strong note with loan sanctions of more than Rs 1 Lakh Cr   PSU NEWS

 

PFC ends FY 2019-20 on strong note with loan sanctions of more than Rs 1 Lakh Cr  

 

New Delhi: Government-owned Power Finance Corporation (PFC), India's leading NBFC focused on the power sector, ended financial year 2019-20 (April-March) on a strong note despite numerous challenges including outbreak of COVID 19.

The lending institution delivered a sound financial performance with loan sanctions of more than Rs 1 lakh crore along with Loan Disbursements of about Rs 68,000 Crore in the last financial year. The highlight of the year was disbursement of Rs 11,000 crore in the last week of March 2020 despite the nationwide lockdown to contain the spread of COVID 19. Backed by strong IT infrastructure, PFC managed this feat of sizeable disbursement even though the employees were working from home.
 
During the year, PFC also registered 16% growth in its standalone revenue while it managed 16bps reduction in cost of funds. The net NPAs of the company reduced to 3.8% from 4.55%, showcasing the robust performance of the lender. Further, the Company registered a 10% growth in its Loan Assets, 16% bps reduction in cost of funds, and 16bps increase in Interest Spread. Further, during the fiscal, PFC resolved two stressed projects – Rattan India Amrawati & GMR Chhattisgarh worth Rs 2,700 Crore.
 
In spite of challenging environment, YOY Net Profit is comparable at Rs. 6788 Crore for FY20 as against Rs.6953 Crore of FY19 excluding one-time impact of DTA due to change in corporate tax rate. Profit has also been impacted due to extraordinary exchange rate variation of 6% in the last 45 days of FY20.
 
Financial highlights of FY 2019-20 (Consolidated basis) include; 15% Revenue Growth, 12% Loan Asset Growth, Net NPAs reduced to 3.57% from 4.20% .


Posted Date :  25-06-20

Categories : PSU NEWS

Tag Cloud: PSU NEWS

Similar news

Defence Minister and Army Chief visit forward areas at LAC

New Delhi: Defence Minister Shri Rajnath Singh and Indian Army Chief General Manoj Mukund Naravane on Saturday visited Sukna Corp in Bengal’s Darjeeling district. Sukna Corp is tasked to protect Bhutan and borders with China.   Both Shri Rajnath Singh and Chief General Naravane
Posted Date :  24-10-20

Read more

SECL Coal Aftech is speeding up increased by 24 percent

Bilaspur, Chhattisgarh: SECL is committed to providing excellent coal on time to all its coal consumers. The Aftech statistics for the month-September 2020 are describing the speed in this work. In September 2020, SECL had 10.40 million tonnes of coal offtech, while 8.39 million tonnes of Af
Posted Date :  24-10-20

Read more

AAI strictly towards the social distancing priority is safety

Port Blair: Airports Authority of India providing the passengers full-fledged services and security in the airports while keeping the social distancing norms in mind. The AAI ’s Port Blair Airport Security Hold Area (SHA) has been extended to accommodate more numbers of passengers keeping s
Posted Date :  23-10-20

Read more

Chairman of SAIL addressed at the 48th Annual General Meeting

New Delhi: The Chairman SAIL, Shri Anil Kumar Chaudhary Addressed at the 48th Annual General Meeting of SAIL. The meeting was held through video conferencing and attended by the Director (Commercial) Smt. Soma Mondal and Company Secretary Shri M B Balakrishnan.    Addressing the
Posted Date :  22-10-20

Read more

Felicitation Ceremony at Coal India Limited Headquarter

Kolkata: Shri. Pramod Agrawal, Chairman, Coal India Limited felicitates Shri. T. Padmanabhan, Dy. Manager (Secretarial) and Shri. Krunal Rajendra Sonawane, Asst. Manager - E&T both posted in the Chairman’s secretariat at CIL Hq.   Shri. Padmanabhan was presented with a cert
Posted Date :  22-10-20

Read more

AAI Pune Airport to get new terminal building with enhanced capacity

Pune: In order to cater the continuous surge in passenger traffic and ease congestion at the airport, AAI has undertaken the construction work for a New Integrated Terminal Building at Pune Airport. With massive built up area of more than 5,00,000 sq. ft., the new terminal will be constructed at
Posted Date :  21-10-20

Read more

Virtual Meet between India Singapore Defence Industry

The Department of Defence Production India held a virtual meet with Singapore Defence Industry Working Group bilateral today. The meeting was co-chaired by V.L. Kantha Rao, Additional Secretary, Department of Defence Production, Ministry of Defence, India and Mr. Mervyn Tan, Deputy Secretary
Posted Date :  21-10-20

Read more