Power Finance Corporation (PFC) on Thursday posted a 32 per cent increase in standalone profit after tax (PAT) of Rs 2,759 crore in the September quarter (Q2 of FY22) as against Rs 2,085 crore in the year-ago period, according to a media release of the State-owned power sector financier.

The company declared an interim dividend of Rs 2.50 per share for the September 2021 quarter, taking the total interim dividend paid so far to Rs 4.75 per share. 

PFC’s Credit to Risk-Weighted Assets Ratio (CRAR) was 21.76 per cent, during the period under review, with 18.42 per cent for its tier-I capital and 3.34 per cent for its tier-II capital. The company’s net non-performing assets (NPAs) dropped below 2 per cent to 1.92 per cent, the lowest in the last five years. 

On a consolidated basis, the company’s PAT or net profit rose by 22 per cent at Rs 9,578 crore for the first half of FY22 (H1 of FY22 – April-September 2021) compared with that of Rs 7,847 crore in the corresponding period of last year. Its consolidated net worth increased by 19 per cent to Rs 90,311 crore during the H1 of FY22 from Rs 75,596 crore last year.

The power sector financier saw its H1 net interest income surge by 18 per cent on a consolidated basis to Rs 15,069 crore from Rs 12,782 crore. The company’s consolidated net NPA ratio dropped from 2.60 per cent to 1.72 per cent during the period under review due to resolution of stressed assets.

PFC was conferred with the Maharatna status by the Central government in October this year, making it the first Maharatna company in the financial sector.