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MUMBAI: Small industries Development Bank of India (Sidbi) on Friday reported a 3.6% year-on-year rise in its net profit for fiscal 2021 to Rs2,398 crore from Rs2,315 crore in FY20.

The bank’s net interest income (NII) grew 11.5% to 3,678 crore in fiscal year 2021 from 3,299 crore a year ago. Non-interest income fell marginally to Rs944 crore from 1,069 crore in FY20.

Sidbi acts as the principal financial institution for promotion, financing and development of the micro, small and medium enterprise (MSME) sector as well as for co-ordination of functions of institutions engaged in similar activities.

Total advances declined 5.6% year-on-year to Rs1.56 lakh crore as of 31 March 2021 from Rs1.65 lakh crore a year ago. Net interest margin expanded 10 basis points (bps) to 2.04% as on 31 March 2021 from 1.94% a year ago.

Asset quality improved with gross non-performing assets (GNPA) as a percentage of total assets falling 45 bps to 0.18% at the end of March 2021 from 0.63% a year ago. In absolute terms, gross NPAs fell to Rs282.31 crore as of 31 March 2021 from Rs1,040.84 crore a year ago. Net NPA ratio also fell 28 bps to 0.12% as on 31 March 2021 from 0.40% a year ago.

Sivasubramanian Ramann, chairman and managing director of Sidbi, said the institution has been responsive to covid-19 challenges faced by the MSME sector.

“Besides channelizing the government of India and Reserve Bank of India (RBI) support to partner lending institutions, Sidbi has launched several schemes to directly enable MSMEs to revive and thrive," said Ramann.

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