Small Industries Development Bank of India (Sidbi) has reported an 18 per cent decline in net profit at Rs 1,958 crore for the financial year ended March 2022.

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The state-owned financial institution had reported a net profit of Rs 2,398.28 crore in the previous fiscal.

Disbursements increased from Rs 96,029 crore in FY2021 to Rs 1,43,758 crore in FY2022, a growth of 50 per cent, Sidbi said in a statement on Monday.

Total assets increased 29 per cent from Rs 1.92 lakh crore to Rs 2.47 lakh crore.

Gross and net Non-Performing Assets (NPAs) as a percentage of its net outstanding stood at 0.11 per cent and 0.07 per cent, respectively, as on March 31, 2022, it said.

Capital Adequacy Ratio of the bank stood at 24.28 per cent as on March 31, 2022.

Utilising the facility extended by RBI in the form of Special Liquidity Fund, Sidbi has launched innovative schemes to meet short and medium-term needs of the MSME sector, especially for smaller/underserved/unserved MSEs, the statement said.

Bringing convergence in the developmental and financing roles of the bank, it is developing new channels for credit intervention. One such channel GST Sahay, a first reference app for invoice-based financing (not invoice discounting) for small businesses, is under development.