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Andhra Pradesh
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Hyderabad
APSFC profit up by 87 per cent
Special Correspondent
HYDERABAD:
The Andhra Pradesh State Financial Corporation (APSFC) showed an impressive growth of 87 per cent in its net profit, 26 per cent in sanctions and 21 per cent in disbursements during 2005-06.
Declaring the annual results at the 50th AGM here on Thursday, its chairman J. Rambabu said this was the fifth year in succession that the Corporation had improved its sanctions, disbursements and recoveries. The sanctions grew to Rs. 586 crores, disbursements rose to Rs. 422 crores and recoveries improved to Rs. 482 crores.
The Corporation posted its highest ever post-tax profit of Rs. 24.58 crores this year after making provision for non-performing assets (NPAs) in accordance with norms. Mr. Rambabu assured shareholders and entrepreneurs that the Corporation was geared to become a prominent player in sustaining the growth of small and medium scale enterprises.
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