Small Industries Development Bank of India (SIDBI), which is engaged in financing, promotion and development of micro, small and medium enterprises (MSMEs) in India, has posted a growth of 3.6% to Rs 23.98 billion in its net profit as of March 31, 2021 from Rs 23.15 billion as of March 31, 2020. Its operating profit (before provisions) witnessed a year-on-year increase of 8% to Rs 40.63 billion in FY21 over FY20.
The bank’s gross non-performing assets (GNPA) declined to Rs 2.82 billion in FY21 from Rs 10.41 billion in FY20. Total advances were lower by 5.6% (YoY) to Rs 1,562.33 billion during FY21, from Rs 1,654.22 billion in FY20.
