The Kerala Financial Corporation (KFC) has announced a record net profit for the 2022-23 fiscal year. According to the audited financials, the corporation posted a net profit after tax of ₹50.19 crore, signaling a significant jump from the previous fiscal’s ₹13.20 crore.
With a loan portfolio of ₹6,529.40 crore and growth of 37.44%, KFC has crossed ₹5,000 crore loan portfolio in a financial year, the first time in its history. This achievement is a promising sign that the State’s economy is making a strong come-back post-COVID 19.
K. N. Balagopal, the Finance Minister, stated in a release that this is the best performance in KFC’s 70 years of history, adding that most sectors, including tourism, have performed exceptionally well. The interest income stood at ₹543.64 crore, a 38.46% growth, while the total income has increased to ₹694.38 crore compared to last year’s ₹518.17 crore.
The gross non-performing assets have reduced to 3.11% from last year’s 3.27%, and the net non-performing assets stand at 0.74%, down from 1.28% last year. During the fiscal, KFC sanctioned a whopping ₹3,207.22 crore loans to MSMEs, startups, and other sectors, with a total loan disbursement of ₹3,555.95 crore.
The Government aims to increase KFC’s loan size to ₹10,000 crore and make it one of the best financial institutions in the country. The Finance Minister expressed his delight in KFC’s outstanding performance, complimenting the entire team for their hard work.
This achievement highlights KFC’s expertise in financial management and promises a brighter future for Kerala’s financial economy.
