KSFC announces a profit of Rs.17.32 crore

Bangalore, July 31 (UNI) State owned Karnataka State Finance Corporation today announced a 34 per cent increase in its sanctions for the year 2006-07 at RS 424.53 crore with profits going up significantly to touch Rs 17.32 crore from Rs 8.56 crore in 2005-06.

Addressing the AGM of KSFC, its Chairman and Managing Director V Umesh said that during the year the Corporation's disbursal went up by 55 per cent at Rs 310.33 crore during the period under review as against Rs 199.86 crore the previous year. Recovery also shot up substantially at Rs 503 crore.

He said KSFC"s cumulative sanctions stood at Rs 8,168.38 crore with the number of cases being 1.58 lakhs.

Mr Umesh said the Non Performing Assets had been brought down to 33 per cent from 58 per cent in 2002-03. During this year NPA would be brought down by another 15 per cent he added, UNI