 "Sidbi's net profit increases 47.7% in FY13")
Out of this, Rs 187 crore was a one-time refund from Income Tax Department, including interest of Rs 45 crore. Excluding this, the growth in net profit is 14.6%, said a press release issued by Sidbi. The total gross income of the bank grew to Rs 5,401 crore, from Rs 4,607 crore.
The bank's board approved a dividend of 25% for the just ended fiscal.
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In his address to shareholders, at the Annual General Meeting, S Muhnot, Chairman and Managing Director, Sidbi said the bank has been focusing on specialised finance products, which have grown 45% from Rs 6321 crore in FY '12 to Rs 9155 crore in FY'13.
Such specialised financing is in the form of risk / venture capital, loans for improving energy efficiency and implementing cleaner production technologies, loans to the service sector, receivable financing / factoring, and so on, the release said.
Sidbi has also taken strategic initiatives for addressing various non-financial gaps for capacity building of micro, small and medium enterprises (MSME) sector as well as bankers.
These activities include credit advisory services covering over 300 clusters, loan facilitation through a mechanism of accredited consultants, rating agencies and commercial banks, information dissemination to promote youth entrepreneurship.
The enhanced refinance capability of Rs 10,000 crore would help Sidbi provide greater financial support to MSMEs, said Muhnot. Further, additional budgetary support of Rs 200 crore under India Microfinance Equity Fund would facilitate the process of providing need based equity and quasi-equity to smaller MFIs to help them maintain growth and achieve scale and efficiency in their operations.
Sidbi, along with the Government of India, is drafting the Guarantee Scheme for factoring for which a corpus of Rs 500 crore was announced in the Budget, Muhnot added.