Kerala Financial Corporation records four-fold jump in profit at Rs 50 cr

Kerala Financial Corporation, a Kerala government-owned finance firm, on Wednesday said it recorded about four-fold jump in its net profit at Rs 50.19 crore in the financial year ended on March 31, 2023.

The company has earned a net profit of Rs 13 crore in the preceding fiscal.

Total income has increased to Rs 694.38 crore against Rs 518.17 crore last year, Kerala Finance said in a statement.

The interest income rose by 38 per cent to Rs 543.64 crore.

The loan portfolio increased by 37 per cent to Rs 6,529.40 crore as against Rs 4,750.71 crore in the preceding year.

With the state government infusing a share capital of Rs 200 crore as of March 31, 2023, the capital adequacy ratio of Kerala Finance improved to 25.58 per cent against 22.41 per cent a year ago.

This is against the minimum of 15 per cent prescribed for non-banking financial companies by RBI.