SIDBI Q3FY21 net up 9% to Rs 630 cr on better income, strong credit growth

Asset quality profile improves as bad loans dip; provision coverage ratio rises to 96 per cent

The Small Industries Development Bank of India’s (SIDBI's) net profit rose by nine per cent to Rs 630 crore in the third quarter ended December 2020 (Q3FY21), on improved interest income and better non-interest income.

It had posted net profit of Rs 578 crore in quarter ended December 2019 (Q3FY20).

The Net Interest Income (NII) for reporting quarter rose by three per cent to Rs 840 crore in Q3FY21 from Rs 816 crore in Q3FY20. The non-interest income increased by 16.7 per cent to Rs 154 crore in Q3FY21 from Rs 132 crore in Q3FY20, bank said in a statement.

V Satya Venkata