Power Finance Corporation posted a net profit of Rs. 2,117.56 crore for the fourth quarter ended March 31, 2019. This represents a 165.96 per cent increase over the net profit of Rs. 796.35 crore recorded in the same quarter of the previous financial year.
Total income during the quarter under review rose to Rs. 7,702.64 crore from Rs. 6,254.96 crore. “The company was creating impairment loss allowance till quarter ending December 31, 2018, on stage 1 and stage 2 loan assets at higher of expected credit loss as per Ind AS or as per RBI prudential norms. Now the company has aligned the impairment loss allowance on loan assets, solely as per the requirement of Ind AS, resulting in reduction of cumulative impairment loss allowance for the quarter and year ending March 31, 2019, and consequent increase in profit after tax by Rs. 268.61 crore,” a statement said.
