Bangalore: Canbank Factors Limited, a Canara Bank subsidiary, on April 11 reported that it has recorded its highest turnover (factoring volume) of Rs 1,223 crore for the year ended March 31, 2003, a growth of 19.25 per cent over the previous year's figure of Rs 1,026 crore.

In a statement it also highlighted its all time high total business of Rs 242 crore against 2002 figure of Rs 194 crore.

Funds in use (advance) have shown an increase of 24 per cent. Despite the pressure on yield, the company has posted a profit after tax of Rs 9.26 crore, a 28 per cent increase over 2002 figure.

The export factoring, introduced in 2001, is growing steadily and its volume increased to Rs 9.82 crore from Rs 1.62 crore during 2003, it was stated.

The company's managing director B Sukumaran said small and medium sized enterprise (SME) sector contributed more than Rs 900 crore out of Rs 1,223 crore of factoring volume achieved in 2002-03.

"Even though 80 per cent of the exposure is to SMEs, which is viewed as a vulnerable sector, the net non performing assets (NPA) of the company continues to be nil," Sukumaran added.

PTI