Sidbi crosses Rs 2 lakh cr in cumulative disbursement

The Small Industries Development Bank of India (Sidbi) today said that it had crossed the milestone of cumulative disbursement of Rs 2 lakh crore as on March 31, 2011.

During 2010-11, Sidbi's outstanding credit to the MSME sector increased by 22% to Rs 46,331 crore. Its asset portfolio crossed Rs 50,000 crore as at March 31, 2011. The net profit after tax increased by 22% to Rs 514 crore from Rs 421 crore.

The net worth of the bank increased to Rs 5,979 crore and the Earnings per share (EPS) improved to Rs 11.42 from Rs 9.36.

Net NPA as percentage of the total outstanding stood at 0.28% as on March 31, 2011, reflecting strong monitoring, persistent follow-up and timely action by the bank, besides adequate provisioning.

Sidbi remains wholly-committed to the development of the MSME sector by way of meeting its various credit and non-credit needs, Sidbi's Chairman and Managing Director, Sushil Muhnot told shareholders at the 13th Annual General Meeting held at Lucknow today.

The bank has crossed the milestone of cumulative disbursement of Rs 2 lakh crore as on March 31, 2011 benefiting more than 325 lakh people, he said.

The bank, alongwith National Stock Exchange, Indian Private Equity and Venture Capital Association (IVCA) and leading angel networks in India, also set up an India Venture Board (IVB), an e-platform for taking the Venture Capital culture in the MSME sector.

Going further, the bank is setting up the SME Exchange with NSE to enable access to capital markets for SMEs, in addition to giving a boost to venture capital industry, Muhnot said.

Source: Business Standard