State-owned power sector lender REC posted a 13 per cent jump in its net profit for the quarter ended December 2023. The company recorded a net profit of Rs 3,269 crore for the third quarter (Q3) of the current financial year, compared to Rs 2,878 crore during the corresponding period in the previous financial year.
The net income of the company stood at Rs 4,350 crore in Q3 of 2023-24 (FY24), up from Rs 3,573 crore in Q3 of 2022-23, registering a jump of 21 per cent.
The company said that due to improving asset quality, an increase in lending rates, and effective management of finance costs, REC recorded its highest-ever nine-month profit of Rs 10,003 crore.
