Power Finance Corp Q2 net marginally up at Rs 1,887 cr

State-run Power Finance Corporation (PFC) on Friday posted a marginal rise of 0.7 per cent in its net profit for the second quarter ending September at Rs 1,886.59 crore compared with last year.

The company had registered a net profit of Rs 1,873.42 crore in the same quarter of 2016-17, the company said in a stock exchange filing.

The company's total income increased to Rs 7,108.57 crore during the quarter under consideration, from Rs 6,999.76 crore in the same period a year ago.

Interest income during the second quarter was Rs 6,897.06 crore, marginally higher than Rs 6,856.90 crore in the same period a year ago.

For the quarter under consideration, PFC made a provision of Rs 1,089.86 crore for non-performing assets (NPAs), or bad loans, which was higher than the provisioning of Rs 313.36 crore made during the July-September period last year.

The PFC board on Friday also approved payment of interim dividend for 2017-18 at the rate of Rs 6 per equity share on the face value of the paid-up equity shares of Rs 10 each

The date of dispatch of dividend shall be on or before December 2, while the interim dividend payout will be Rs 1,584.05 crore, the statement said.

The PFC stock closed on Friday at Rs 142.35 a share, down Rs 2.90 or 2 per cent, on its previous close on the BSE.

--IANS

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