Record net profit for Kerala Financial Corporation

The Kerala Financial Corporation (KFC) has reported a massive jump in its net profit at ₹50.19 crore against the previous fiscal’s ₹13.20 crore.

The Kerala Financial Corporation (KFC) has reported a massive jump in its net profit in the 2022-23 fiscal. As per the audited financials, KFC posted a Net Profit after Tax of ₹50.19 crore against the previous fiscal’s ₹13.20 crore.

The loan portfolio stood at ₹6,529.40 crore against the previous fiscal’s figure of ₹4,750.71 crore, recording a growth of 37.44%. KFC has crossed ₹5,000 crore loan portfolio in a financial year for the first time, KFC said on Wednesday.

‘’This can be seen as a sign that the State’s economy is making a strong come-back post-COVID 19. Most of the sectors including tourism sector have performed well. KFC has recorded its best-ever performance in its 70 years of history,’‘ Finance Minister K. N. Balagopal was quoted as saying in the statement.

In 2022-23, interest income stood at ₹543.64 crore, registering a growth of 38.46%. The total income has increased to ₹694.38 crore against ₹518.17 crore last year.

Gross NPA has been brought down to 3.11% from last year’s figure of 3.27%. Net NPA is 0.74% against last year’s 1.28%. During the year, KFC sanctioned ₹3,207.22 crore loans to MSMEs, startups and other sectors. Total loan disbursement comes to ₹3,555.95 crore.

The government aims to increase the loan size of KFC to ₹10,000 crore and make KFC one of the best financial institutions in the country, Mr. Balagopal said.