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REC Limited recently disclosed its financial performance for the quarter and nine months ending December 31, 2023. In the third quarter of the fiscal year 2023-24, the company witnessed substantial growth in various key areas. Notably, loan sanctions saw a remarkable surge, reaching ₹1,32,049 crores, marking a notable 177% increase compared to the same period in the previous fiscal year. Disbursements also showed a healthy growth of 56%, totalling ₹46,358 crores. The interest income on loan assets increased by 22%, reaching ₹11,812 crores, contributing to a net profit of ₹3,269 crores, reflecting a 14% growth.
The cumulative operational and financial performance for the nine months ending December 2023 showcased a similar positive trend. Loan sanctions for this period amounted to ₹3,25,941 crores, a substantial 69% increase compared to the corresponding period in the prior fiscal year. Disbursements also recorded a significant uptick, surging by 104% to ₹1,22,089 crores. The interest income on loan assets rose by 18%, reaching ₹33,490 crores, resulting in a commendable net profit of ₹10,003 crores, reflecting a robust 24% growth.
These positive financial outcomes were attributed to factors such as improving asset quality, an increase in lending rates, and effective management of financing costs. REC Limited's net worth grew to ₹64,787 crores as of December 31, 2023, showcasing an 18% year-on-year increase. The loan book maintained a growth trajectory, experiencing a 21% increase to ₹5 lakh crore. Noteworthy is the improvement in asset quality, with net credit-impaired assets reducing to 1%, and a provision coverage ratio of 70% on non-performing assets as of December 31, 2023. Additionally, the Capital Adequacy Ratio (CRAR) stood at a comfortable 28%, indicating ample capacity to support future growth opportunities.
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