Sidbi Net Profit Surges 20% to Record Rs 4,026 Cr in FY24

Mumbai, Sep 25 (PTI) Small Industries Development Bank of India (Sidbi) on Wednesday reported a 20 per cent jump in its FY24 net profit to hit an all-time high of Rs 4,026 crore.

Its overall income surged 79 per cent to Rs 31,942 crore during the last fiscal, as per a statement.

The Lucknow-headquartered bank said its asset base grew 30 per cent to Rs 5.22 lakh crore as of March 2024, up from the Rs 4.02 lakh crore in the year-ago period.

Loans and advances portfolio increased by 28 per cent in FY24 to Rs 4.56 lakh crore from Rs 3.56 lakh crore in the year-ago period.

The gross non-performing assets ratio stood at 0.02 per cent as of March 31, 2024.

The bank, which held its annual general meeting, has also announced a dividend of 20 per cent for FY24, as per the statement.