Sidbi net up 28%

MUMBAI: The Small Industries Development Bank of India (Sidbi) has clocked a 28.2 per cent rise in its net profit to Rs 405 crore for 1997-98. The apex bank for the small-scale industry (SSI) sector has recorded a 15.4 per cent increase in sanctions to Rs 7,484 crore for the year while the disbursements increased by 14.3 per cent to Rs 5,241 crore. The income was up 9.2 per cent at Rs 1,408 crore.

The Sidbi’s board of directors, at a meeting held today at Varanasi, have decided to pay a 15 per cent divided to its parent, the Industrial Development Bank of India (IDBI). It will transfer Rs 67.50 crore to the IDBI as a return on capital at 15 per cent.