StreeNidhi Credit Cooperative Federation posted a 17 per cent growth in net profit at ₹135 crore in 2022-23 compared with ₹115 crore in the previous year..
“Net profit has been showing consistent increase even in pandemic years showing resilience of StreeNidhi,’‘ G Vidya Sagar Reddy, Managing Director, StreeNidhi, said.
Interest income increased from ₹464 crore as of March 2022 to ₹557 crore as of March 2023, a growth of 20 per cent, due to expansion in credit portfolio. The interest income on loans constituted 98 per cent of the total income.
Assets Under Management stood at ₹5232.35 crore as of March 2023, of which Non-Performing Assets stood at ₹175 crore constituting 3.36 per cent of the total loan outstanding. A provision of ₹201 crore was made for NPA and therefore net NPA is zero. Provisional Coverage Ratio (PCR) was at 114.48 per cent. Return on assets, excluding other incomem during the FY23 was at 2.34 per cent and return on equity was at 26.32 per cent, as per the numbers released by StreeNidhi.
StreeNidhi was set up by Telangana in association with the Federations of SHGs viz Mandala Samakhyas/Town Level Federations. It is registered under the State Cooperative Societies Act 1964 with an objective to ensure affordable, adequate and timely credit to members of SHGs to meet their emergent needs, to establish livelihood enterprises to augment their income on a sustainable basis and insulate them from high cost borrowings.