APSFC posts net profit of Rs 27.21 cr

Hyderabad, July 30 (UNI) The Andhra Pradesh State Financial Corporation (APSFC) has posted a net profit of Rs 27.21 crore during 2006-07, recording an increase of 10.7 per cent over the previous year, which was the highest ever in the history of the Corporation.

The Corporation's interest income and other income during 2006-07 rose to Rs 158.61 crore from Rs 138.52 crore in the year 2005-06, a growth of 15 per cent, according to a Corporation release here today.

In the business front, the sanctions had gone up to Rs 704.75 crore, registering 20 per cent growth over previous year and disbursements increased to Rs 523.14 crore, recording 24 per cent growth over previous year. The recoveries grew by seven per cent to Rs 515.95 crore from Rs 482.14 crore.

The loan portfolio had improved by 10.7 per cent over previous year. Gross NPAs had been brought down from 25.71 per cent to 16.05 per cent while the net NPAs had come down from 16.14 per cent as on March 2006 to 8.39 per cent on March 2007.

The APSFC continued to be the number one among all the SFCs in the country by achieving progress under all parameters and retained its position for the sixth year in succession. The Corporation which got the mandate to support the small and medium scale enterprise would try hard this year also to reduce NPAs by all the available legal provisions, the release added.

This year the Corporation would focus on enhancing quality of service to the customers and improvement of business substantially, the release said.

UNI