Exim Bank Profit Plunges Over 56% In FY16

Mumbai: Exim Bank on Friday reported a 56.5 per cent plunge in net profit at Rs 316 crore for the fiscal year 2016, despite logging a healthy growth in loan disbursals, which crossed the Rs 1 lakh crore mark for the first time.

The lender had posted a profit of Rs 726 crore for FY15.

The company did not attribute any reasons for the massive drop in profits, but said its bad loans grew 26 basis points to 0.86 per cent during the reporting year.

Exim Bank chairman and managing director Yaduvendra Mathur said the bank's loan portfolio grew 18 per cent to Rs 1,02,537 crore, thus crossing the Rs 1 lakh crore mark for the first time.

He said net worth of the bank too increased 16 per cent to Rs 11,486 crore, while the non-funded portfolio rose 6.5 per cent to Rs 11,555 crore and the total business increased 17 per cent to Rs 2,07,409 crore.

Mr Mathur said, as of March end, the bank's lines of credit stood at 203, covering 63 countries with credit commitments of over $14.26 billion. During the year, the bank inked nine LoCs (lines of credit) amounting to $2.61 billion with Bangladesh, Cote d'Ivoire, Congo, Guyana, Guinea, Tanzania, Zimbabwe and Myanmar.

During the year, it funded 95 project export contracts in 39 countries by 50 exporters, aggregating to Rs 22,551 crore, while under the buyer's credit it sanctioned $2.19 billion for 22 projects valued $2.49 billion.

The bank has also given in-principle commitment to support several projects and the current active pipeline includes 36 proposals aggregating $5.11 billion under this scheme.

During the year, its approvals under the overseas investment finance programme amounted to Rs 5,264 crore, comprising Rs 5,217 crore towards acquisition/setting up of 26 overseas ventures and Rs 47 crore towards renewal of existing facilities.

During the year, the bank raised debt worth Rs 23,183 crore and foreign currency resources of Rs 13,781 crore.