PFC Q2 Results: Net profit growth of only 2%, PSU declares dividend

Shares of Power Finance Corporation Ltd. (PFC) cooled off from the highs of the day after announcing its results for the September quarter on Friday, November 7.

The company's net profit grew by only 2% from last year to ₹4,462 crore from ₹4,370 crore last year.

PFC's Net Interest Income (NII) or core income earned by the company increased by 20% from the year-ago quarter to ₹5,290 crore from ₹4,407 crore last year.

PFC's Gross Credit Impaired Assets Ratio stood at 1.87% at the end of the September quarter from 1.92% in June, while Net Credit Impaired Asset Ratio stood at 0.37% from 0.38% at the end of June.

In its notes to account, PFC also said that it has classified another loan account with a total exposure of ₹263 crore as "fraud." and 100% provisioning has been done on the said account.

The state-run company also declared an interim dividend of ₹3.65 per share, the record date for which has been fixed as November 26. The interim dividend will be credited to shareholders on or before December 6.

Shares of PFC are trading 0.7% lower after falling from the highs of the day, at ₹383.2. The stock is down 15% on a year-to-date basis.