The Hindu Business Line : APSFC targets Rs 900-cr sanctions

The corporation is in the process of finalising a blueprint covering a road map for the next five years and is aiming to clean up the balance sheet in a couple of years.

Announcing the performance, the corporation said its sanctions have gone up to Rs 704.75 crore, registering a growth of 20 per cent, and disbursements were at Rs 523.14 crore up 24 per cent over the previous year.

Recoveries were also up 7 per cent at Rs 515.95 crore from the previous year with Rs 482.14 crore.

Loan portfolio

According to the APSFC Chairman, Mr J. Rambabu, the loan portfolio also improved by 10.7 per cent over the previous year from Rs 1143.54 crore to Rs 1265.45 crore in 2006-2007. The gross non-performing assets (NPAs) have been brought down from 25.71 per cent to 16.05 per cent, while the net NPAs have come down from 16.14 per cent to 8.39 per cent as of March 31, 2007.

In a statement, Mr Rambabu said that APSFC continued to be number one among all the SFCs in the country by achieving commendable progress under various parameters. APSFC has secured mandate to support small and medium scale enterprises and would try to reduce NPAs.

In a statement, APSFC said that its interest income rose to Rs 158.61 crore from Rs 138.52 crore last fiscal, registering a growth of 15 per cent. The net interest income was up at Rs 55.99 crore up from previous year’s Rs 41.98 crore.

Improved performance

Based on improved performance in the fiscal ended March 31, 2007, the corporation’s net worth improved to Rs 73.62 crore from Rs 45.26 crore, an increase of 63 per cent and the capital adequacy ratio has grown to 6.1 per cent from 4.28 per cent in the year before.

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