THIRUVANANTHAPURAM: The Kerala Financial Corporation (KFC) has posted a net profit of 17.70 crore for FY2018-19, registering a growth of 113 per cent compared to `8.30 crore recorded a year ago.
The annual general meeting on Monday declared dividend to the stakeholders, with the state government getting `1.13 crore. “We had withheld dividend since FY16 due to profitability and NPA constraints. We have improved our business volume and profits. NPAs have been reduced through reforms. We will be able to pay dividend in future years as well,” said KFC CMD Sanjeev Kaushik.
Loan sanctions grew 127 per cent touching `1,645 crore in FY19, while the disbursal was `816 crore. The total income for the year stood at `428 crore and the operating profit increased to `31 crore. It brought down gross NPA to 5.77 per cent and net NPA to 1.82 per cent. The Capital to Risk-weighted Assets Ratio was 19.24 per cent as against the minimum of 9 per cent prescribed by the central bank.