Commenting on the performance for Q4 & FY2014, Mr. R M Malla - Managing Director & CEO said:

"PFS is pleased to announce a healthy set of numbers for FY2014. For the year gone by, PFS earned a net profit of Rs. 207.72 crore. PFS is happy to report that it continues to have NIL Net NPAs in its books amid a challenging environment in the macro economy.

We are delighted to share that the Board of Directors has approved setting up of an Asset Management Company as a subsidiary company of PFS. The Board has also decided to recommend increase in the Authorized Capital of the Company from Rs.1,000 crore to Rs.2,000 crore with a provision of Preference Share Capital of Rs.750 crore subject to approval of shareholders / regulators etc."

Board also recommended a dividend of 10% or Rs 1 per share of Rs 10 each for FY 2014.

Performance for the quarter ended Mar'14

For quarter ended Mar'14, Interest income for PFS grew by 94% to Rs 149.43 crore. Interest expense for the quarter grew by 110% to Rs 64.98 crore. Thus NII grew by 83% to Rs 84.45 crore. Yield on assets stood at 13.8%, and was up by 20 bps on YoY basis. Costs of funds for Mar'14 quarter stood at 9.3% as compared to 8.2% for Mar'13 quarter. Interest spread for Mar'14 quarter, thus stood at 4.5% and NIM stood at 6.9% as compared to 8.1% for Mar'13 quarter.

The other income stood at Rs 1 lakh for Mar'14 quarter. Operating expense during the quarter was down by 24% to Rs 5.86 crore. Provision was higher by 535% to Rs 8.89 crore. After providing total tax of Rs 23.34 crore, up by 83%, PAT for Mar'14 quarter for PFS stood at Rs 46.37 crore, up by 91% YoY.

Performance for the year ended Mar'14

For the year ending Mar'14, Interest income stood at Rs 463.96 crore, up by 62% y.o.y. Interest expense stood at Rs 208.38 crore, up by 106% resulting in 38% increase in NII at Rs 255.58 crore. The other income stood at Rs 3 lakh. Operating expense was up by 46% to Rs 36.34 crore. Provisions were up by 221% to Rs 16.56 crore. There was a profit on sale of investment income of Rs 82.17 crore for 12 months ended Mar'14 as compared to Nil for 12 months ended Mar'12, thus resulting in PBT after sale of investment income to Rs 284.88 crore, up by 83% YoY. After paying total tax of Rs 77.17 crore, up by 51% YoY, PAT for the 12 months ended Mar'14 stood at Rs 207.71 crore, up by 99% YoY.

 Other updates

PFS reported Nil Net NPAs.

Total effective debt disbursement in FY'14 stood at Rs 3071 crore as compared to Rs 1332 crore in FY'13.

Total outstanding loan assets grew by 117% to Rs 4974 crore as on Mar'14.

Capital Adequacy Ratio as on Mar'14 stood at 25.2%.

Book Value stood at Rs 23.5.

Promoter's shareholding as on Mar'14 stood at 60% and none of the shares are pledged.

The stock is currently trading at Rs 19.