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SIDBI FY'06 net up 20 pc to Rs 270.19 crore

Written by: Staff
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Mumbai, May 13: Small Industries Development Bank of India (SIDBI) posted a net profit of Rs 270.19 crore for the financial year ended March 31, as compared to Rs 225.23 crore in the previous year, reflecting an increase of 20 per cent.

Briefing newspersons here today, SIDBI Chairman&Managing Director N Balasubramanian said it also managed to bring down the net NPAs (non performing assets) to net advanced to 1.97 per cent during the year 2005-06 from 3.97 in the financial year 2004-05. The decline in the NPA was ascribed to the intensive recovery efforts pursued by SIDBI during the year under review, according to him.

Total loan approvals during the year were up by 31 per cent at Rs 11,869 crore while disbursals were up by 44 per cent at Rs 8885 crore as compared to the previous year. The credit portfolio as on March 31 has increased by 28 per cent to Rs 13,890 crore as against Rs 10,862 crore as on March 31 last year.

Resources aggregating Rs 3,498 crore raised during FY 2006 at an average cost of 5.83 per cent a year as against Rs 2,420 crore during FY 2005. Replying to a question, Mr Balasubramanian said the aggregate balance sheet size has increased to Rs 20,352 crore, up 12 per cent over the previous year.

Even as the earning per share(EPS) went up from 5.01 in fiscal 2005 to Rs 6.00 in fiscal 2006, the capital adequacy ratio at 43 per cent was lower than the previous year.

Commenting on the business plant for FY'07, SIDBI chief said the Bank targets its overall credit portfolio growth of about 26 per cent taking total outstanding at Rs 17,560 crore in FY'07 from Rs 13,890 crore as on March 31, 2006.

Replying to a question, he said SIDBI has planned about 52 per cent growth in retail SME (small&medium enterprises) credit portfolio and intend to increase the Micro Finance Portfolio to Rs 750 crore from Rs 339 crore as on March 31. ''SIDBI looks forward to emerging as one-stop-shop for credit and development needs of SME sector.''

UNI

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