PFC’s loan sanctions cross more than Rs 1,000 billion in 2019-20

PFC ended financial year 2020 on a strong note, despite a number of challenges including the Covid-19 outbreak. The lending institution delivered a sound financial performance with loan sanctions of more than Rs 1,000 billion along with loan disbursements of about Rs 680 billion in the previous financial year. The highlight was a disbursement of Rs 110 billion in the last week of March 2020 despite the nationwide lockdown. The net non-performing assets (NPAs) of the company reduced to 3.8 per cent. Further, the company registered a 10 per cent growth in its loan assets, and a 16 bps increase in interest spread. During the fiscal, PFC resolved two stressed projects – Rattan India Amrawati and GMR Chhattisgarh – worth Rs 27 billion. The company’s year-on-year net profit is comparable at Rs 67.88 billion for 2019-20 against Rs 69.53 billion for 2018-19, excluding a one-time impact of DTA due to a change in the corporate tax rate.

GET ACCESS TO OUR ARTICLES

Enter your email address