Guwahati, Sept. 29: The North Eastern Development Finance Corporation Limited (NEDFi) has registered a 21 per cent increase in its net profit this year.
This was revealed at NEDFi’s 17th annual general meeting held yesterday to present its 2011-12 annual report to shareholders.
“The corporation’s gross profit during the year grew by 29 per cent from Rs 62.43 crore to Rs 80.53 crore, while the net profit grew by 21 per cent from Rs 45.65 crore to Rs 55.20 crore,” a NEDFi communiqué stated.
During the fiscal, NEDFi’s disbursements registered an increase of 19 per cent from Rs 281 crore to Rs 335 crore while its loan portfolio grew by 26 per cent from Rs 668 crore to Rs 841 crore.
The corporation has also successfully reduced its net non-performing assets from 1.85 per cent to 1.39 per cent.
Set up in 1996, the corporation has undertaken several key initiatives in thrust areas to play a more proactive role in developing entrepreneurship in the Northeast.
It has opened a dedicated entrepreneurs’ corner at its head office here to offer free counselling to potential entrepreneurs.
It has five business facilitation centres in Aizawl, Gangtok, Shillong, Silchar and Agartala. d by the entrepreneurs’ corner.
The corporation has also reduced the interest rates for all units with project costs up to Rs 50 lakh to 8 per cent per annum to encourage first generation local entrepreneurs to set up their own enterprises.
In addition to its existing micro finance schemes, it has created a dedicated micro finance fund for unserved and under-served areas.
This fund, carrying an interest rate of 8 per cent, shall be utilised through micro finance intermediaries for onward lending to beneficiaries.
The areas identified for the funds are Dima Hasao, Karbi Anglong and the BTAD in Assam, Ukhrul, Chandel, Senapati, Tamenglong and Churachandpur districts in Manipur and all the districts of Arunachal Pradesh, Meghalaya, Mizoram, Nagaland, Sikkim and Tripura.