MSME Credit is Driving Growth: SIDBI CMD

Small Industries Development Bank of India (SIDBI) reported a 28.22% jump in net profit at Rs 519.36 crore for the March quarter as against Rs 405.06 crore in year-ago period.

For the full year, its profit after tax jumped 36.5% to 1,952.21 crore from 1,429.21 crore in FY18 due to increased portfolio and reducing cost to income ratio.

Net interest margin went down by 47 basis points to 1.89 per cent as on March 2019 from 2.36% as on March 2018 due to focus on low risk assets and increased cost of funding.

During the March quarter, net interest income (NII) improved by 29% to 721.20 crore from 559.30 crore in the same period last year.

Total income in the quarter improved to 2,712 crore as against 1,857.39 crore in the same period last year.