Karnataka State Financial Corporation (KSFC) has seen its net profit jump over six times jump, to Rs 62.17 crore for year-ended March 31, 2008, compared to the previous financial year. The corporation’s operating profit has gone up 82.79 per cent to Rs 17.32 crore for the year.
In 2007-08, KSFC sanctioned Rs 368.15 crore to 1,195 units, of which over 50 per cent of the assistance, amounting to Rs 173.05 crore has gone to small scale enterprises.
The recoveries during the year stood at Rs 561.14 crore and the non-performing assets decreased moderately to 24 per cent as against 33 per cent in the previous year, the corporation said in a release.
The state government, during the year, extended a support of Rs 68 crore to help small borrowers of KSFC to settle their sticky loans on a one-time basis.
Under the programme, around 6,000 accounts were settled. The corporation’s fee-based income earned out of distribution of life and non-life insurance products, UTI mutual fund products went up by 166 per cent to Rs 80 lakh during the year.
