SIDBI outstanding credit rose 4 pc to Rs68,290 cr during FY17

Kochi: The total MSME outstanding credit of Small Industries Development Bank (SIDBI), the premium financing agency for MSME sector, went up four per cent to Rs68,290 crore during the financial year ended March, 17 as against Rs65,632 crore in the previous year.

According to the data released by the bank, its total indirect finance portfolio increased six per cent to Rs57,678 crore.

The bank’s total indirect assistance encompassed refinancing support to banks, State financial corporations (SFCs), bill rediscounting support to banks, assistance to mircorfinance institutions (MFIs), NBFCs and resource support to a various institutions and agencies was around 84 per of its total credit outstanding during the year. The refinance to banks constituted the major portion of 71 per cent.

The net MSME credit outstanding stood at Rs10,612 crore, which was around 16 per cent of the bank’s total portfolio. The direct MSME credit assistance by the bank includes, among others, niche financing support like risk capital sustainable finance, receivable finance, service sector fiancé, etc.

During the year, the total income of the bank went up 9.7 per cent to Rs6,345.80 crore when compared with Rs5784 crore. The total expenditure was Rs4,579 crore as against Rs3,922.98 crore.

The profit before tax for the year was marginally higher at Rs1687,47 crore, compared with Rs1636.47 crore. The net profit after tax and deferred tax adjustment for the year was Rs1220.18 crore as against Rs1,177.46 crore in the preceding year.

The balance sheet size of the bank increased 4 per cent to Rs79,682 crore during the year from Rs76,478 crore. Also, the networth of the bank stood at Rs12,905 crore when the year ended.

Resources aggregating Rs65,731 core was raised by the bank during the year as against Rs53,807 crore in the previous year. The bank raised Rs65,111 crore from domestic sources and Rs620 crore in foreign currencies.

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