Money & Banking

Exim Bank profit rises 51% in FY20

Our Bureau Mumbai | Updated on June 25, 2020 Published on June 25, 2020

Export-Import Bank of India (Exim Bank) reported a 51 per cent increase in net profit at ₹124 crore in the year ended March 31, 2020, against ₹82 crore in the previous year.

The bank’s loan portfolio, including export finance, term loan to exporters and overseas investment, increased by 6.23 per cent year-on-year (yoy) to ₹99,446 crore as of March-end 2020 from ₹93,617 crore as of March-end 2019.

Exim Bank is a wholly-owned Government of India financial institution that provides financial assistance to exporters and importers.

The non-funded portfolio, comprising financial guarantees, and project-related and other guarantees, increased by 12.59 per cent to ₹15,869 crore as of March-end 2020 from ₹14,096 crore as of March-end 2019.

Resources

David Rasquinha, Managing Director, said Exim Bank plans to raise about $2 billion this year to support business growth and repaying maturing foreign currency loans. In January 2020, the bank raised $1 billion for a 10-year tenor at a coupon of 3.25 per cent per annum.

To a question on whether the bank had availed the ₹15,000-crore line of credit extended by the Reserve Bank of India (RBI), Rasquinha emphasised that this facility is backstop for the bank in case it is not able to raise resources overseas. He added that the bank has not tapped this facility so far.

Published on June 25, 2020
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