SIDBI net profit up 3.6 per cent in FY 2021 compared with FY 2020
The financial results for the year ended March 31, 2021 were declared
In the 23rd Annual General Meeting of 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), the financial results for the year ended March 31, 2021 were declared.
Shri Sivasubramanian Ramann, Chairman and Managing Director, SIDBI said, “SIDBI has been responsive to the COVID-19 challenges faced by the MSME sector. Besides channelizing the Government of India / 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.”
Financial Year 2021 vs Financial Year 2020
Operating profit (before provision) recorded a Year-on-Year (YoY) growth of 8.0% in FY21 over FY20 to Rs. 4,063 crore.
Net profit recorded a growth of 3.6% to Rs. 2,398 crore in FY21, from Rs. 2,315 crore in FY20.
Net Interest Income (NII) grew by 11.5% to Rs. 3,678 crore in FY21, from Rs. 3,299 crore in FY20.
Non-interest income marginally decreased to Rs. 944 crore in FY21 from Rs. 1,069 crore in FY20.
Total advances marginally declined by 5.6% (YoY) to Rs. 1,56,233 crore as of March 31, 2021, from Rs. 165,422 crore as of March 31, 2020.