APSFC's impressive performance posts 87 per cent net profit

Hyderabad, July 27 (UNI) The Andhra Pradesh State Financial Corporation(APSFC) has posted an impressive growth in sanctions, disbursements and in net profit during 2005-06.

According to the Chairman of the Corporation J Rambabu the Corporation achieved a growth of 26 percent in sanctions, 21 per cent in disbursements and 87 per cent in net profit during 2005-06.

Speaking at the Annual General Meeting of the Corporation, he said the Corporation had registered significant growth during 2005-06 surpassing its highest sanctions, disbursements and recoveries for the fifth year in succession.

While the sanctions grew to Rs 585.97 crore from Rs 464.69 crore in the last year, the disbursement rose to Rs 421.72 crore from Rs 348.87 crore.

He said the recoveries saw a significant improvement from Rs 451.39 crore in the previous year to Rs 482.14 crore in 2005-06.

The Corporation posted its highest ever post tax profit of Rs 24.58 crore in the present year after making due provision for NPAs as per the norms.

He said the net NPAs which stood at 22.03 percent as on March 31, 2005 had been scaled down to 16.14 percent as on March 31 this year.

He assured the shareholders and the entrepreneurs that the Corporation was geared to be a prominent player in sustaining the growth of Small and Medium Scale enterprises and would be an important catalyst in the progress and development of the state.

He said that it was noteworthy that the Corporation accorded 'in principle' approval of 292 projects involving financial assistance of Rs 722.79 crore during the month long Entrepreneurs Development Programmes held in various places of the state this month.

UNI BR AJ 1908