Financial Daily from THE HINDU group of publications
Saturday, May 27, 2006
Financial Daily from THE HINDU group of publications Saturday, May 27, 2006 |
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Money & Banking
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Financial Institutions Industry & Economy - Economy States - Andhra Pradesh NEDFi reports all-time high performance Our Bureau
Hyderabad , May 26 North-Eastern Development Finance Corporation Ltd (NEDFi) has announced an all-round record performance during the fiscal ended March 2006 surpassing all its previous years' achievements. In a press release, the Corporation said sanctions during the fiscal under review reached an all-time high of Rs 131 crore for 284 projects, recording an increase of 47 per cent over Rs 89 crore in previous fiscal. As on March 31, 2006, the cumulative sanctions stood at Rs 609 crore. During the fiscal, disbursements doubled to Rs 104 crore from Rs 52 crore in the previous fiscal. As at the fiscal end, the cumulative disbursements touched a new high of Rs 397 crore.
Net profit grows 133 pc
While sanctions and disbursements recorded all-time highs, NEDFi has reported a growth of 133 per cent in net profit at Rs 14 crore after making provisions for tax. The Corporation could successfully bring down its net NPA level to 9 per cent from 13 per cent in the previous fiscal. During the fiscal, NEDFi said it could extend financial assistance to projects spread all over the eight north-eastern States. Under its Techno Economic Development Fund (TEDF), the Corporation has so far commissioned 54 techno-economic feasibility studies on industry and infrastructure best suited to the region. NEDFi has recognised that the SME sector plays a crucial role in capital formation and creating jobs. Food processing industries are considered another thrust area. The Corporation has also identified plastic industries as a potential sector for the region and is currently in discussions with Reliance Petrochemicals and Haldia Petrochemicals for joint partnership in taking its plans forward, the release said.
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