Leading state owned financial institution KFC's profit quadruples

Thiruvananthapuram, June 7 (IANS) Leading state owned financial institution, Kerala Financial Corporation (KFC), has quadrupled its net profit for the financial year that ended on March 31.

As per the audited financials, KFC posted a net profit after tax of Rs 50.19 crore as against Rs 13.20 crore in the year ended 2022.

The loan portfolio stands at Rs 6,529.40 crore against last year's figure of Rs 4,750.71 crore, recording a growth of 37.44 per cent.

Incidentally this is the first time that the KFC crossed Rs 5,000 crore loan portfolio in a financial year.

"This can be seen as a sign that the state's economy is making a strong comeback post-Covid. Most of the sectors, including the tourism sector have performed well. KFC has recorded its best-ever performance in its 70 years of history," said State Finance Minister K.N. Balagopal.

The interest income is Rs 543.64 crore registering a growth of 38.46 per cent while the total income increased to Rs 694.38 crore against Rs 518.17 crore last year.

With regards to the NPAs, KFC was able to bring down the Gross NPA to 3.11 per cent from last year's figure of 3.27 per cent.

During the year, KFC has sanctioned Rs 3,207.22 crore loans to MSMEs, startups and other sectors.

KFC could improve its recovery position through special recovery drives without resorting to coercive measures.

A total of Rs 59.49 crore was collected through special recovery.