SIDBI posts lower net profit at Rs 282 cr

Mumbai: Small Industries Development Bank of India (SIDBI) has recorded a lower net profit for the financial year 2001-02 at Rs 282 crore on account of the provision of income tax of Rs 152 crore and deferred tax adjustment of Rs 29 crore.

Until last year, the bank enjoyed the tax-exempt status. The banks net worth as on 31 March 2002 stood at Rs 3,951 crore as against Rs 3,771 crore at the end of the previous year, said a press release.

During the financial year 2001-02, the aggregate sanctions by the bank were Rs 9,025 crore and disbursements Rs 5,919 crore. The total sanctions and disbursements of the bank over the previous 12 years since inception aggregated Rs 75,255 crore and Rs 52,312 crore, thereby recording a compounded annual growth rate of 13 per cent and 11 per cent, respectively.

Total assets of the bank at end-March 2002 aggregated Rs 17,640 crore as compared to Rs 17,090 crore in the previous year.