The net profit of Small Industries Development Bank of India (SIDBI), the all India financial institution engaged in creating an integrated credit and development support ecosystem for micro & small enterprises, rose by 39.9 per cent in first nine months of this financial year in comparison to that in the last financial year.
The increase in profit is mainly due to higher income from increased portfolio.
“In a scenario when the banking sector is reeling under pressure, we have achieved encouraging growth in our financial performance. Credit demand to the MSEs sector continues to be strong. We expect to maintain the growth momentum as we continue to move forward with our SIDBI Vision 2.0 which aims to promote inclusive growth driven by deeper engagement with MSEs,” said Mohammad Mustafa, Chairman & Managing Director, SIDBI.