SIDBI Net Profit Rises 3.6% to Rs 2,398.28 Cr in FY21

SIDBI has reported a net profit of Rs 2,398.28 crore in fiscal ended March 2021, up by 3.6 per cent from a year ago. It had posted a net profit of Rs 2,315 crore in previous fiscal year. The results were declared at the 23rd Annual General Meeting of Small Industries Development Bank of India (SIDBI), it said on Friday.

Operating profit (before provision) recorded a year-on-year growth of 8 per cent in FY21 over FY20 to Rs 4,063 crore, it said. The net interest income (NII) grew by 11.5 per cent to Rs 3,678 crore in FY21, while non-interest income was down marginally at Rs 944 crore.

Total income also fell to Rs 11,165.63 crore during 2020-21, as against Rs 12,090.30 crore in 2019-20, SIDBI said. Total advances marginally declined by 5.6 per cent to Rs 1,56,233 crore as of March 31, 2021, from Rs 1,65,422 crore as of March 31, 2020. Earnings per share improved to Rs 45.09 from Rs 43.51.

Gross NPAs decreased from Rs 1,040.84 crore as of March 31, 2020 to Rs 282.31 crore as of March 31, 2021, while Net NPA decreased from Rs 658.64 crore to Rs 185.25 crore during the same period.

Sivasubramanian Ramann, Chairman and Managing Director, SIDBI said: "SIDBI has been responsive to the COVID-19 challenges faced by the MSME sector." To respond to the emerging needs of the MSME sector, SIDBI continued with its developmental engagements including powering national missions through digital portals, setting up project management units in 11 states for strengthening the ecosystem, supporting 1,700 Women Homepreneurs in 7 states, setting up 100 Swavalamban Connect Kendras among others, he said.

(PTI)