Odisha State Financial Corporation makes Net Operational Profit of Rs.7.37 crore in 2017-18

Bhubaneswar: As per the annual accounts placed and considered by the 388th meeting of the Board of Directors of Odisha State Financial Corporation (OSFC), it has made a net operating profit of Rs.7.37 crore. Shri P.K. Jena, IAS, Managing Director, OSFC informed the board that the net worth of the OSFC has improved by 13.12% over the
previous year and its accumulated loss has declined from Rs.481.57 crore to Rs.475.68 crore as on 31.03.2018.
During the review of the Annual Accounts of OSFC by the Board under the Chairmanship of Shri L.N. Gupta, ACS, MSME, the MD informed that whereas the interest income has increased by 147.06%, the other income has increased by 44% than the previous year and operational and personnel expenses of the Corporation have been reduced.
During this fiscal, total 77 loan accounts have been liquidated. The board directed the management to make vigorous effort to achieve the recovery target of
Rs.50 crore during the current financial year. It may be mentioned that at present, the principal amount of Rs.258 crore has been lying unrecovered in OSFC.