Exim Bank profit jumps nearly 3-fold to Rs 738 cr in FY22

Export Import Bank of India (EXIM Bank) on Thursday reported a nearly three-fold jump in its profit after tax (PAT) to Rs 738 crore in the fiscal ended in March 2022 compared to Rs 254 crore in the year-ago period.

The development finance institution sanctioned loans aggregating to Rs 68,863 crore under various lending programmes during FY2022. Its net loan portfolio registered a growth of 13.26 percent to Rs 1,17,619 crore from Rs 1,03,851 crore last year.

In the current financial year (fiscal 2023), the bank is targeting a 12 percent growth in loan, its Managing Director Harsha Bangari told reporters here.

Non-fund portfolio rose by 7.15 percent to Rs 15,247 crore from Rs 14,229 crore in FY2021. Its total business grew by 5.69 percent to Rs 2,51,246 crore as against Rs 2,37,714 crore in FY21.

Bangari said the bank was able to halve its gross non-performing assets (NPAs) to 3.56 percent in the fiscal ended March 31, 2022. Its slippage ratio reduced by 128 basis points to 0.24 percent in FY22 from 1.52 percent in FY21. Provision coverage ratio (PCR) stood at 100 percent as against 96.74 percent in FY21.

The export credit agency raised foreign currency resources aggregating $2.05 billion equivalents, through a variety of instruments and rupee resources amounting to Rs 19,046 crore, in FY2021-22. It is looking to raise between $2 billion and $3 billion of overseas borrowing in 2023 fiscal. Of this, $1.5-2 billion will be raised through overseas bonds, Bangari said.

In FY22, the government infused Rs 750 crore capital into Exim Bank. A capital infusion of Rs 1,500 crore for FY 2022-23 has been announced by the government in Budget 2022.

During FY2021-22, the bank, on behalf of the government of India, sanctioned six Lines of Credit (LOC), aggregating $1.13 billion, to support the export of projects,goods, and services from India. It has a portfolio of 310 government-LOCs with credit commitments aggregating $31.96 billion,which are at various stages of implementation.

In FY2022, the bank supported 75 project export contracts valued at Rs 19,380.34crore under its commercial portfolio, in 39 countries.

As of March 31, 2022, it provided aggregate overseas investment finance of Rs 63,877.51crore to 652 joint ventures / wholly-owned subsidiaries, set up by 483 Indiancompanies in 78 countries.

Under the Bank’s newly launched Ubharte Sitaare programme, credit facilities of around Rs 306.32 crore were extended to 15 companies in sectors including aerospace, auto, pharmaceuticals, engineering and consumer durables.

(With PTI inputs)