Small Industries Development Bank of India (Sidbi) today said it has posted 27.5 per cent surge in net profit to Rs 1,429 crore for 2017-18.
The principal institution for financing and development of the Micro, Small and Medium Enterprise (MSME) sector had a profit of Rs 1,120 crore in the previous financial year.
"The top line of the bank grew from Rs 6,346 crore in 2016-17 to Rs 6,600 crore in 2017-18, reflecting 4 per cent growth over the previous year. Income growth picked up considerably from September 2017," Sidbi said in a statement after the Annual General Meeting.
Total assets of the bank have grown by 37 per cent to Rs 1,08,869 crore, as compared to Rs 79,682 crore as on March 31, 2017.
"The strong asset growth in the bank was achieved in a challenging banking environment, with average yields declining from 9.1 per cent in March 2014 to 7.2 per cent in March 2018," it said.
Despite the banking sector in India been plagued recently with asset quality deterioration, Sidbi has been able to effectively manage its asset quality and credit costs, it said.
The Gross NPA ratio of the bank has declined from 1.2 per cent to 0.94 per cent in 2017-18, which reflects better asset management, it added.
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