SIDBI net profit rises 27% to Rs 1,417 crore in FY15

State-owned Small Industries Development Bank of India (SIDBI) today reported 26.75 per cent rise in net profit at Rs 1,417 crore for the fiscal ended March, 2015 on account of higher disbursement.
The bank, which is into promotion, financing and development of the MSME sector, had a net profit of Rs 1,118 crore in financial year 2013-14.
Credit disbursements to MSMEs increased to Rs 53,083 crore during the fiscal as compared to Rs 51,891 crore in previous fiscal, SIDBI Chairman and Managing Director Kshatrapati Shivaji said.
At the same time, loans sanctions rose to Rs 54,985 crore as against Rs 52,852 crore in 2013-14.

The net worth of the bank increased over 14 per cent to Rs 9,126 crore from Rs 7,991 crore in the previous fiscal.
The bank, wholly-owned by government, has declared a dividend of 25 per cent for 2014-15.

Shivaji said keeping in tune with the government's 'Make in India' drive, SIDBI has set up a Rs 1,000 crore 'Make in India' fund for MSMEs.
"The objective is to make our MSMEs world-class manufacturing hub. Under the fund, concessional finance will be provided to identified MSME sectors," he added.
The bank also plays an important role in micro-finance sector of the country, he said, adding that it has provided micro credit of Rs 9,374 crore through MFIs so far.

SIDBI has committed an equity support of Rs 162 crore to 56 MFIs to strengthen their capital base for more credit to the micro-finance sector, he said.
The bank contracted a Line of Credit (LoC) of USD 500 million with International Bank for Reconstruction and Development (IBRD) for MSME Growth Innovation and Inclusion Finance Project.
The money will be used for early stage and risk capital financing, service sector enterprises and finance to manufacturing MSMEs, he added.