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Kerala Financial Corporation, the State-owned industrial financing institution, declared a dividend of ₹21 crore to the State Government at its the 70th Annual General Meeting.
The AGM also adopted financial statements for the year ended March 31, 2023, and declared a dividend of ₹5 per share. The State Government holds 99 per cent shares in KFC; the other shareholders include SIDBI, SBI and LIC.
In the best-ever performance in its 70-year history, KFC quadrupled its net profit to ₹50.19 crore in FY23. The loan portfolio touched ₹6,529.4 crore, a growth of 37.44 per cent. It is the first time KFC’s loan portfolio has crossed ₹5,000 crore in a FY. Gross NPA has reduced to an industry-leading performance 3.11 per cent and net NPAs to 0.74 per cent.
The Government aims to increase KFC’s loan size to ₹10,000 crore, Finance Minister K.N. Balagopal said.
During FY23, KFC launched new loan schemes and products and also fine-tuned existing processes to remain competitive. It plans to have large credit branches to service large loans and convert the existing branches to MSME credit branches.
Loan recovery will be done through Specialized Asset Recovery Branches. KFC will also start new schemes for funding infrastructure projects and loan schemes for ex-servicemen, said Sanjay Kaul, CMD.
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