The audited financial results of SIDBI for the year ended March 31, 2023, were approved at the AGM held in Lucknow. Sivasubramanian Ramann, IA&AS, Chairman and Managing Director of SIDBI, said: “SIDBI achieved the highest-ever outstanding, income, net profit, and balance sheet. SIDBI witnessed significant growth in all business spheres. SIDBI crossed the milestone figure of the balance sheet of Rs 4 lakh crore. SIDBI’s disbursements jumped by 93%, from Rs 1,43,758 crore in FY 2022 to Rs 2,76,755 crore in FY 2023. ‘Loans & Advances’ of SIDBI increased from Rs 2,02,252 crore in FY 2022 to Rs 3,56,439 crore in FY 2023, a growth of 76%. The asset base of the bank has shown growth of 63% from Rs 2,47,379 crore to Rs 4,02,383 crore.”
In FY 2023, the bank registered an income of Rs 18,485 crore, an increase of 102% over the previous year, and a net profit of Rs 3,344 crore an increase of 71% over the previous year. Gross and Net NPA ratios declined further to 0.01% and 0.00%, respectively as on March 31, 2023.
Ramann stated: “The share of MSME borrowing in SIDBI Balance Sheet has increased from 7% to 17% over 2 years and the aim is to increase it to 25% in another 2 years with the support of the Department of Financial Services and RBI. Providing lower-cost finance to the MSME sector through refinance to banks and NBFCs as also direct finance support by way of debt and equity through fully digital platforms is the mandate of SIDBI. Implementing govt schemes for MSMEs like PM SVANidhi and PM VIKAS is an important component of credit delivery by SIDBI.”
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