Sidbi’s net income jumps 71% to Rs 3,344 crore YoY in FY23: MD Ramann

Small Industries Development Bank of India (Sidbi) on Tuesday said its net income jumped 71 percent year-on-year to Rs.3,344 crore in FY23.

The company’s Chairman and Managing Director Sivasubramanian Ramann said the huge increase in profits and all other key figures were driven by better overall performance that helped it double its income to Rs.18,485 crore.

Commenting on the annual general meeting, Raman said that Sidbi achieved the highest ever standing income, net profit and balance sheet.

The balance sheet of the enterprise has crossed the mark of Rs 4 lakh crores.

In FY23, its payout jumped by 93 per cent from Rs.1,43,758 crore in FY22 to Rs.2,76,755 crore in FY23.

Loans and advances increased from Rs.2,02,252 crore in FY22 to Rs.3,56,439 crore in FY23, a growth of 76%.

The asset base grew by 63 percent from Rs. 2,47,379 crore to Rs. 4,02,383 crore.

In FY23, the bank recorded an income of Rs. 18,485 crore, an increase of 102 per cent over the previous year while net profit was Rs. 3,344 crore, 71 per cent higher, he said.

At the annual general meeting, shareholders approved a 20 percent dividend for fiscal year ’23.

The share of MSME borrowing on Seddi’s balance sheet has increased from 7 percent to 17 percent over the past two years. Raman said the target is to increase it to 25 percent over the next two years with support from the Ministry of Financial Services and the Reserve Bank of India (RBI).