The Small Industries Develo-pment Bank of India (Sidbi) yesterday said it has recorded a net profit of Rs 459 crore on a turnover of Rs 1,598 crore during 1999-2000, an official statement said. Sidbi had recorded a Rs 450 crore profit during 1998-99.
Sidbi reported a 15.6 per cent increase in sanctions during 1999-2000 fiscal to Rs 10,265 crore, compared to Rs 8,880 crore in the previous year.
Disbursements grew at 10.8 per cent to Rs 6,964 crore during 1999-2000, as against Rs 6,285 crore last year.
The board of Sidbi met in New Delhi to adopt the annual accounts for the year ended March 2000. The bank board approved a 15 per cent dividend at Rs 67.5 crore to IDBI for the year 1999-2000.
Sidbi also registered a 34 per cent increase in refinance sanction to Rs 6,354 crore over the previous year, besides recording a 40 per cent rise in project related assistance to Rs 1,321 crore.
Among the policy initiatives made by Sidbi during the year was to act as the nodal agency for operation of two schemes namely, Technology Upgradation Fund Scheme for textile and jute industries, and Tannery Modernisation Scheme.
Aggregate assistance by Sidbi under TUF was Rs 58 crore of sanctions and Rs 29 crore of disbursements during the year.
The bank also introduced two schemes during the year namely scheme for providing short term loan to State Electricity Boards and Invoice Discounting Scheme.
