State-owned Haryana Financial Corporation has posted a net profit of Rs. 15.62 Crore during the financial year 2007-08 as compared to net profit of Rs. 6.37 Crore during the previous financial year.
Chairman of the Corporation told the 41st Annual General Meeting held here today that the Corporation was on the path of recovery and had earned net profit continuously for the last three years owing to several structural reforms undertaken by the Corporation.
These reforms included a substantial reduction in the cost of borrowings due to debt swapping of high cost loans, he said.
He said the Corporation also floated one time settlement schemes to arrest Non-Performing Assets (NPAs) as a result of which the NPA level of the Corporation had been drastically brought down to 8.75 per cent at the end of financial year 2007-08.
He said that the net worth of the Corporation had improved at Rs. 70 Crore with a capital adequacy ratio of 9 per cent. The Corporation was also making vigorous efforts to build up its asset base by adding quality loan portfolio, he added.
Customers' Meets were being organized regularly for direct interaction with the entrepreneurs, Tayal said.