SIDBI Net Profit Up 3.6% In FY 2021 Compared With FY 2020
CMD of SIDBI said SIDBI has been responsive to the COVID-19 challenges faced by the MSME sector
The Small_Industries_Development_Bank_of_India (SIDBI), an all India Development Financial Institution, engaged in creating an integrated credit and development support ecosystem for Indian Micro, Small and Medium Enterprises (MSME), has registered growth in net profit for the financial year 2020-21.
The 23rd Annual General Meeting of SIDBI announced the financial results for the year ended March 31, 2021.
While announcing financial results Chairman and Managing Director, SIDBI, Sivasubramanian Ramann, expressed satisfaction over the performance during the financial year. He said that SIDBI has been responsive to the COVID-19 challenges faced by the MSME sector. Besides channelizing the Government of India and 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. 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 1700 Women Homepreneurs in 7 states, setting up 100 Swavalamban Connect Kendras to kindle the aspirations of youth / displaced population, as also setting up of Swavalamban Crisis Responsive Fund for MSMEs.
I can assure you that besides growing its topline and bottomline, SIDBI shall rise to the occasion for implementing national priorities and continue to contribute to an inclusive AtmaNirbhar Bharat, he added.
As per the financial results the Operating profit of SIDBI recorded a Year-on-Year (YoY) growth of 8 per cent in FY21 over FY20 to Rs. 4,063 crore. The Net profit of SIDBI recorded a growth of 3.6 per cent to Rs. 2,398 crore in FY21, from Rs. 2,315 crore in FY20. The Net Interest Income (NII) grew by 11.5 per cent to Rs. 3,678 crore in FY21, from Rs. 3,299 crore in FY20. Similarly the Non-interest income marginally decreased to Rs. 944 crore in FY21 from Rs. 1,069 crore in FY20. The total advances of SIDBI marginally declined by 5.6 per cent (YoY) to Rs. 1,56,233 crore as of March 31, 2021, from Rs. 165,422 crore as of March 31, 2020. Book Value per Share increased to Rs. 388.54 in FY 2021 as against Rs. 339.13 as on FY 2020. The Gross Non-Performing Assets (GNPA) ratio of SIDBI decreased by 45 bps from 0.63 per cent to 0.18 per cent and Net NPA (NNPA) ratio decreased by 28 bps from 0.40 per cent to 0.12 per cent, as on March 31, 2020.