E-Paper
Sidbi Q3 profit rises 9 per cent to ₹630 crores
In the year-ago period, its profit stood at ₹578 crore, Sidbi said in a release. During the first nine months of 2020-21, Sidbi's net profit rose 38.4 per cent to ₹2,165 crore from ₹1,564 crore in the year-ago period, it said.
Small Industries Development Bank of India (Sidbi) on Monday reported 9 per cent growth in net profit at ₹630 crore for December quarter 2020-21.
In the year-ago period, its profit stood at ₹578 crore, Sidbi said in a release.
During the first nine months of 2020-21, Sidbi's net profit rose 38.4 per cent to ₹2,165 crore from ₹1,564 crore in the year-ago period, it said. “The credit growth to the MSME sector has been strong despite the impact of the Covid-19 pandemic and this has helped us to achieve encouraging financial performance with a boost to our loan book,” its deputy managing director V Satya Venkata Rao said.
Net interest income (NII) rose 3 per cent to ₹840 crore in October-December 2020-21 from ₹816 crore in the same period of the previous fiscal year.
NII, in April-December 2020-21, increased to ₹2,898 crore from ₹2,370 crore last year.
Annualised net interest margin stood at 2.27 per cent as against 1.94 per cent.
Gross non-performing assets (GNPA) decreased to ₹669 crore (0.47 per cent) from ₹1,550 crore (0.97 per cent). Net NPA reduced to ₹114 crore (0.08 per cent) from ₹884 crore (0.56 per cent). “We have also managed to keep our asset quality under check . Our focus will be on sustaining the growth and scalability with various measures targeted towards recovery and strengthening of the MSME ecosystem,” Rao added. Provision coverage ratio (PCR) increased to 96 per cent from 72 per cent.
Capital adequacy ratio (CAR) improved to 29.04 per cent as on December 31, 2020 from 24.79 per cent last year.
