Exim Bank to raise Rs 24,000 cr in FY11.

MUMBAI: The Export Import Bank of India (Exim Bank) on Friday said it is planning to raise Rs 24,000 crore during the current fiscal.

"We plan to borrow Rs 24,000 crore during this fiscal as against the Rs 20,266 crore in the previous fiscal," Exim Bank executive director N Shankar told reporters here today.

During the past fiscal, the bank had raised Rs 20,266 crore comprising rupee resources of Rs 13,037 crore and foreign currency resources worth USD 1.61 billion.

In FY10, the bank received Rs 300 crore from the government taking its paid-up capital to Rs 1,700 crore. The government would be infusing an additional Rs 300 crore into the bank during the current fiscal, he said.

On the financial performance of the bank during the past fiscal, Shankar said net profit jumped by 8 per cent to Rs 513 crore against Rs 477 crore the previous fiscal. During the year, the bank made a net provision of Rs 259 crore towards income tax as against Rs 133 crore in FY09.

Its loan assets increased 14 per cent to Rs 39,371 crore during the year up from Rs 34,505 crore in FY09, he said.

It approved loans worth Rs 38,843 crore during FY10 against Rs 33,628 crore in FY09. Total disbursements of the bank in FY10 was Rs 33,249 crore compared to Rs 28,933 crore in the previous fiscal.

The net NPAs of the bank decreased to 0.20 per cent of net loan assets as on March 31 compared to 0.23 per cent in the previous year. During the year, the bank extended 22 lines of credit, aggregating USD 753.31 million and covering 20 countries to support export.

During the year, the bank supported project contracts amounting to Rs 13,993 crore and the contracts were secured by 13 companies in 12 countries.

The bank opened its representative office in Chandigarh to serve companies in the Northwestern region. The bank also plans to open an office in Africa this year, Shankar said.

Source : The Economic Times