Kerala Financial Corporation posts a net profit of Rs 8 crore in fiscal 2017-18

Thiruvananthapuram: Kerala Financial Corporation (KFC), the state's leading industrial financing institution, has posted a profit of Rs 8.30 crore for the 2017-18 fiscal and is targeting new business worth Rs 1,500 crore this year. The corporation has also achieved substantial growth in terms of sanction and recovery compared to the previous years. Despite challenging economic environment during the FY 2017-18, sanctions registered a growth of 87.88 per cent to Rs 724 crore, disbursements were at Rs 600 crore and total recoveries increased by 8.05 per cent to Rs 945 crore, a KFC press release said.

The corporation's operating profit has increased to Rs 20.19 Crore. It could bring down Gross NPA to 6.37 per cent and Net NPA to 2.03 per cent which is an industry leading performance. Capital to Risk - weighted Assets Ratio (CRAR) stood at 17.26 per cent. "KFC has emerged as the best performing amongst all State Financial Corporations in terms of impacts profitability and contained level of NPA," Sanjeev Kaushik, Chairman and Managing Director of KFC said.