The Kerala Financial Corporation (KFC) has declared a dividend of ₹21 crore to the State government. The decision was taken in the 70th annual general meeting of KFC held here on Monday.
The meeting has also adopted the financial statements for the year ended March 31, 2023 and decided to declare a dividend of ₹5 per share. KFC recorded its best-ever performance in its 70 years of history in the 20223-23 financial year. It has quadrupled its net profit to ₹50.19 crore.
The loan portfolio reached ₹6,529.40 crore recording a growth of 37.44%. The gross NPA has been brought down to an industry-leading performance of 3.11% and net NPA to 0.74%. The State government holds 99% of the shares in KFC.
“Ever since its inception 70 years ago, the Kerala Financial Corporation has been playing a seminal role in enabling industry and innovation in Kerala. 2022-23 was the Year of Entrepreneurship in Kerala. It is noteworthy that KFC had taken a positive approach to support MSMEs and start-ups during it,” Chief Minister Pinarayi Vijayan said in a message to KFC and its customers.
Finance Minister K.N. Balagopal said the government aimed to increase the loan size of KFC to ₹10,000 crore and make KFC one of the best non-banking financial institutions in the country, he said.
