Exim Bank posts Rs 124 cr profit for FY20

Mumbai, Jun 25 () Export Import Bank of India (Exim Bank ) on Thursday said its profit after tax rose by 51 per cent to Rs 124 crore in financial year ended March 31, 2020.

The development finance institution had reported a profit after tax of Rs 82 crore in 2018-19.

"In the year gone by our business and financial performance have been encouraging. The loan portfolio has grown by about 6-7 per cent. We have looked strongly at building the loan assets," Exim Bank's Managing Director David Rasquinha told reporters.

Its loan portfolio grew 6.23 per cent to Rs 99,446 crore in 2019-20 as against Rs 93,617 crore in the preceding financial year.

Non-funded portfolio grew by around 13 per cent to Rs 15,869 crore in the year from Rs 14,096 crore in 2018-19.

"The growth has come primarily from the project guarantees," he said.

Gross non-performing ratio stood at 8.75 per cent while net NPA was at 1.77 per cent.

In the year, the provision coverage ratio was up 400 basis points (bps) to 89 per cent. The capital to risk assets ratio was up 106 bps to 20.13 per cent.

It raised foreign currency resources aggregating USD 1.91 billion equivalents in 2019-20.

The bank will be looking at raising USD 1-2 billion from the overseas market in the current financial year, Rasquinha said.

The bank extended 27 LoCs, aggregating USD 3.40 billion, to support export of projects, goods and services from India. It supported 38 project export contracts valued at USD 2.81 billion under its commercial window. HV ANU ANU