Mumbai: Small Industries Development Bank of India (Sidbi) announced a 20 per cent increase in its FY24 net profit, reaching a record high of Rs 4,026 crore. According to a statement, its total revenue increased by 79 per cent to Rs 31,942 crore in the previous fiscal year.
The bank based in Lucknow reported a 30 per cent increase in its asset base, which rose to Rs 5.22 lakh crore by March 2024, compared to Rs 4.02 lakh crore in the previous year. There was a 28 per cent growth in the loans and advances portfolio in FY24, reaching Rs 4.56 lakh crore from Rs 3.56 lakh crore in the previous year.
As of March 31, 2024, the gross non-performing assets ratio was at 0.02 per cent. The bank, which conducted its yearly general assembly, has also declared a 20 percent dividend for FY24, according to the announcement.
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