North Eastern Development Finance Corporation Limited achieves record-breaking results in Financial Year 2024

GUWAHATI: North Eastern Development Finance Corporation Limited (NEDFi) achieved record-breaking results across various metrics during the financial year ended on March 31, 2024. The corporation's sanction grew to Rs 846.37 crore from Rs 798.03 crore in the previous year.

As of March 31, 2024, financial assistance was extended to 19,916 projects with a cumulative sanction of Rs 8231.40 crore. The loan outstanding grew by 17.98% to Rs 1833.51 crore from Rs 1,554.10 crore in the previous year.

On income and earnings, FY24 saw a 15.29% increase in the gross income to Rs 239.22 crore from Rs 207.50 crore, mainly attributed to interest income. The gross profit grew by 14.19% to Rs 132.37 crore from Rs 115.92 crore, and net profit increased by 25.25% to Rs 100.20 crore from Rs 80.00 crore in the previous financial year.

All these statistics came to light at its 28th annual general meeting (AGM) held at its office in Guwahati on September 27, when the corporation presented its annual report for the financial year 2023-24. NEDFi CMD PVSLN Murty highlighted the remarkable achievements of the corporation during the financial year 2023-24.

The report said that the Board of Directors of the Corporation declared a dividend of 8 percent for FY 24.

The corporation registered significant improvements on the asset quality front in FY24. The gross NPA decreased to 3.10% from 3.34% in the previous year. The loan outstanding grew by 17.98% to Rs 1,833.51 crore from Rs 1,554.10 crore in the previous year. The North East Venture Fund, established in collaboration with the Ministry of DoNER and SIDBI and managed by the corporation's subsidiary, NEDFi Venture Capital Ltd. (NVCL), is supporting start-ups, early-stage, and growth-stage companies with innovative products and technologies. As of March 31, 2024, the Fund had committed investments of almost Rs 100 crore to 68 start-up companies.

The Corporation's CSR initiatives have a strong emphasis on women's empowerment, improving livelihoods, imparting valuable employment skills, and nurturing the growth of the craft sector in rural and underserved areas. During the year, the corporation provided support to a total of 515 beneficiaries spanning various trades and sectors. During the year, marketing support was extended to a total of 4729 artisans.

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