SIDBI's FY21 YoY net profit up 3.6%

Development financial institution, the Small Industries Development Bank of India, on Friday reported a year-on-year rise of 3.6 per cent in its net profit for FY21.
The institution is engaged in creating an integrated credit and development support ecosystem for Indian Micro, Small and Medium Enterprises (MSME).

Declaring the financial results for the year ended March 31, 2021 in its 23rd Annual General Meeting, it said that net profit recorded a growth of 3.6 per cent to Rs 2,398 crore in FY21, from Rs 2,315 crore in FY20.

Besides, net interest income grew by 11.5 per cent to Rs 3,678 crore in FY21, from Rs 3,299 crore in FY20.

According to SIDBI, gross NPAs decreased from Rs 1,040.84 crore as of March 31, 2020 to Rs 282.31 crore as of March 31, 2021.

Similarly, net NPA decreased from Rs 658.64 crore to Rs 185.25 crore during the same period.

"SIDBI has been responsive to the Covid-19 challenges faced by the MSME sector. Besides channelising the Government of India or Reserve Bank of India (RBI) support to partner lending institutions, SIDBI has launched several schemes like 'SAFE, SAFEPLUS, AROG, and TWARIT' to directly enable MSMEs to revive and thrive," SIDBI Chairman and Managing Director Sivasubramanian Ramann said.


"To respond to the emerging needs of the MSME sector, SIDBI continued with its developmental engagements including inter alia 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 to kindle the aspirations of youth or displaced population, as also setting up of 'Swavalamban Crisis Responsive Fund' for MSMEs," he said.-IANS