REC reports 13.6% rise in Q3 net profit at Rs 3,269 cr

New Delhi, Jan 23 (IANS) Public sector Maharatna financial company REC Ltd on Tuesday reported a 13.6 per cent year-on-year increase in net profit to Rs 3,269.3 crore for the October-December quarter of the current financial tear.

The company had posted a net profit of Rs 2,878 crore in the same quarter last year.

REC also reported a net interest income (NII) of Rs 4,159 crore for the third quarter of 2023-24 which is 18 per cent higher than the corresponding figure of Rs 3,525 crore in the same quarter in the previous year.

The finance corporation's asset quality also improved during the quarter with gross non-performing assets (NPAs) declining to 2.78 per cent of total loans, from 3.14 per cent in the preceding quarter.

The net NPA also improved to 0.82 per cent from 0.96 per cent in the June-September quarter.