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2013-06-20

SIDBI posts 17.2% growth in its total gross income for FY 13

Small Industries Development Bank of India (SIDBI), principal lender to the Micro, Small and Medium Enterprise (MSME) sector has recently announced its total gross income of Rs 5,401 crore for FY 2012-13 registering a growth of 17.2% as compared to Rs 4,6

Small Industries Development Bank of India (SIDBI), principal lender to the Micro, Small and Medium Enterprise (MSME) sector has recently announced its total gross income of Rs 5,401 crore for FY 2012-13 registering a growth of 17.2% as compared to Rs 4,607 crore in the previous year. The figures were announced by SIDBI in its 15th Annual General Meeting.

The bank posted an increase in net profit after tax by 47.7% to Rs 837 crore as compared to Rs 567 crore in the previous year. However, of these, Rs. 187 crore was a one-time refund from Income Tax epartment, including interest of Rs. 45 crore.

The Net worth of SIDBI increased to Rs 7,046 crore during FY 2012-13 and the Earnings Per Share (EPS) improved to Rs 18.61 as against Rs 12.60 in FY 2011-12.

Sushil Muhnot, Chairman and MD, SIDBI talking to the shareholders said, "We have adopted the new business model under which our focus has been on specialized financing products which have shown 45% growth from Rs 6,321 crore in FY 2012 to Rs 9,155 crore during the year under review.

As per its new business strategy, SIDBI offers funds to MSMEs in areas excluded by banks through risk / venture capital, loans for improving energy efficiency and cleaner production technologies, loans to the service sector, factoring, etc.

Muhnot also discussed about the budgetary support proposed for MSMEs. He said that the enhanced refinance capability of Rs 10,000 crore would help SIDBI to lend financial support to MSMEs.

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