Sidbi's Record Financial Milestones in FY24

Sidbi reported a significant 20% rise in its FY24 net profit, reaching Rs 4,026 crore. The bank's income surged 79% to Rs 31,942 crore, and its asset base grew 30% to Rs 5.22 lakh crore. Loans and advances portfolio increased by 28%, while the gross non-performing assets ratio stood at 0.02%.

The Small Industries Development Bank of India (Sidbi) disclosed a noteworthy 20% increase in its FY24 net profit, amounting to a record Rs 4,026 crore.

According to the bank's statement, its overall income escalated by 79% to Rs 31,942 crore during the last fiscal year. The Lucknow-based bank's asset base expanded by 30% to Rs 5.22 lakh crore as of March 2024, compared to Rs 4.02 lakh crore in the previous year.

The bank saw a 28% rise in its loans and advances portfolio, reaching Rs 4.56 lakh crore from Rs 3.56 lakh crore last year. Significantly, the gross non-performing assets ratio held steady at an impressive 0.02% as of March 31, 2024. During its recent annual general meeting, Sidbi also announced a 20% dividend for FY24.

(With inputs from agencies.)