The Small Industries Development Bank of India (Sidbi) said its net income jumped 71 percent on-year to Rs 3,344 crore in FY23. The company's Chairman and Managing Director Sivasubramanian Ramann said the massive increase in profit and all other key numbers were driven by better all-round performance which has helped it more than double its income to Rs 18,485 crore. Addressing the annual general meeting, Ramann said Sidbi achieved the highest-ever outstanding income, net profit and balance sheet.

The institution's balance sheet has crossed the Rs 4 lakh crore mark. In FY23, its disbursements jumped 93 percent from Rs 1,43,758 crore in FY22 to Rs 2,76,755 crore in FY23. Loans and advances increased from Rs 2,02,252 crore in FY22 to Rs 3,56,439 crore in FY23, a growth of 76 percent. The asset base has grown 63 percent from Rs 2,47,379 crore to Rs 4,02,383 crore.

In FY23, the bank registered an income of Rs 18,485 crore, an increase of 102 percent over the previous year while the net profit stood at Rs 3,344 crore, 71 percent higher, he said. At the annual general meeting, shareholders approved a dividend of 20 percent for FY23. The share of MSME borrowing in Sidbi's balance sheet increased from 7 percent to 17 percent over the past two years. The aim is to increase it to 25 percent over the next two years with the support of the Department of Financial Services and the Reserve Bank of India (RBI), Ramann said.