State-owned REC Ltd on Saturday said it has registered the highest first quarter standalone net profit of Rs 3,442 crore of the current financial year.

The Board of Directors of REC Limited today approved the limited reviewed standalone and consolidated financial results for the quarter ended June 30.

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Continuing with the tradition to reward its shareholders, the Board of Directors of the company has declared the interim dividend of Rs 3.50 per equity share (on face value of Rs 10 each).

Owing to growth in all the verticals, resetting of interest rates on loan assets and effective management of Finance Cost, REC is able to maintain its spreads and NIMs resulting in robust quarterly profit after tax of Rs 3,442 crore.

As a result, the Earnings Per Share (EPS) for the period ended 30th June 2024 accelerated by 16 per cent to Rs 13.07 per share as against Rs 11.24 per share as at 30th June 2023.

The loan book has maintained its growth trajectory and has increased by 17 per cent on a sustained basis to Rs 5.30 lakh crore as against Rs 4.54 lakh crore as at 30th June 2023.

The net credit-impaired assets as at 30th June 2024 have reduced to 0.82 per cent from 0.97 per cent as at 30th June 2023 with Provision Coverage Ratio of 68.48 per cent on NPA assets, as at 30th June 2024.

Aided by growth in profits, the Net Worth has grown to Rs 72,351 crore as on 30th June 2024, registering an increase of 19 per cent YoY.

Indicating the ample opportunity to support the future growth, the Capital Adequacy Ratio (CRAR) of the Company stands at a comfortable 26.77 per cent as at 30th June 2024.