Sidbi Q3 results: Net profit rises 9% to Rs 630 cr

In the year-ago period, its profit stood at Rs 578 crore, Sidbi said in a release.

During the first nine months of 2020-21, Sidbi’s net profit rose 38.4 per cent to Rs 2,165 crore from Rs 1,564 crore in the year-ago period, it said. The credit growth to the MSME sector has been strong despite the impact of the COVID-19 pandemic and this has helped us to achieve encouraging financial performance with a boost to our loan book,€? its deputy managing director V Satya Venkata Rao said.

Net interest income (NII) rose 3 per cent to Rs 840 crore in October-December 2020-21 from Rs 816 crore in the same period of the previous fiscal year.

NII, in April-December 2020-21, increased to Rs 2,898 crore from Rs 2,370 crore last year.

Annualised net interest margin stood at 2.27 per cent as against 1.94 per cent.

Gross non-performing assets (GNPA) decreased to Rs 669 crore (0.47 per cent) from Rs 1,550 crore (0.97 per cent). Net NPA reduced to Rs 114 crore (0.08 per cent) from Rs 884 crore (0.56 per cent). We have also managed to keep our asset quality under check. Our focus will be on sustaining the growth and scalability with various measures targeted towards recovery and strengthening of the MSME ecosystem,€? Rao added. Provision coverage ratio (PCR) increased to 96 per cent from 72 per cent.

Capital adequacy ratio (CAR) improved to 29.04 per cent as on December 31, 2020 from 24.79 per cent last year.