Kerala Financial Corp logs 46 percent profit growth

Kerala-Financial-Corporation-LogoThiruvananthapuram, July 19 : Kerala Financial Corporation (KFC), which has now the brand of a "financial supermarket" offering a wide range of products, has registered a record 46.38 percent rise in profit at Rs. 66.83 crore in the last fiscal, Chairman and Managing Director P. Joy Oommen said Friday.

"KFC has the record of being the only state owned financial services organisation in the country that has been able to continuously declare profits. Ninety-seven percent of the shares of KFC are held by the state government and hence the state government will be given Rs. 16.46 crore as its share in the profit for the last fiscal," said Oommen in a statement.

"The net worth of KFC grew by 17.77 per cent to touch Rs. 383.76 crore and the capital adequacy ratio stands at 24.94," added Oommen.

Formed in 1956, KFC's main objective is the rapid industrialization of the state by extending financial assistance to micro, small and medium enterprises in the manufacturing and service sector.

To nurture and develop a new managerial cadre, KFC has started the KFC Training Division.(IANS)