Exim Bank of India posts strong business growth in 2013-14; Loan Portfolio of the Bank grows 16% to Rs. 75,873 crore

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By K. Vivek Mob: 09920183006 Email: indianshowbusiness@gmail.com

Exim Bank’s Chairman and Managing Director, Mr. Yaduvendra Mathur announced the Bank’s results for the year 2013-14 at a press conference in Mumbai on Wednesday, April 30, 2014.

 FINANCIAL PERFORMANCE

  • Loan Portfolio                                      :         Up 16%      to Rs. 75,873 crore.
  • Non-Fund Portfolio                              :         Up 22%      to  Rs. 9,426 crore.
  • Net worth of the Bank                          :         Up 15%      to  Rs. 8,310 crore.
    • Return on Capital to the Central
      Government                                        :         Up 29%       to  Rs. 339 crore.
    • Total Business                                    :         Up 14%      to Rs. 1,56,782 crore.
      • Capital to Risk Assets Ratio                :         14.32%
      • Net NPAs                                            :         0.43% (80% provision cover)

 

Mr. David Rasquinha (ED) and Mr. Yaduvendra Mathur (Chairman and MD) at the EXIM Bank press conference

BUSINESS & FINANCIAL PERFORMANCE

  • Lines of Credit aggregating US$ 1,771.75 million (24 new LOCs during the year) were extended to support export of projects, goods and services from India. 189 LOCs, covering 75 countries in Africa, Asia, CIS, Europe and Latin America, with credit commitments aggregating
    US$ 10.33 billion are currently available for utilisation, while a number of prospective LOCs are at various stages of negotiation.
  • Project Export Contracts supported by Exim Bank in 2013-14, amounted to ` 34,131 crore, which were secured by 40 companies in 35 countries. As on March 31, 2014, 319 project export contracts valued at ` 1,40,326 crore (approx. US$ 23.42 billion) supported by the Bank, were under execution, in 74 countries across Asia, Africa and CIS by 99 Indian companies.
  • Buyer’s Credit – National Export Insurance Account (BC-NEIA): The Bank has till date sanctioned an aggregate amount of US$ 444 million for 5 projects valued US$ 520 million under Buyer’s Credit – National Export Insurance Account (BC-NEIA). The Bank has also given in-principle commitments for supporting several projects and the current active pipeline includes 54 projects aggregating
    US$ 7.43 billion under BC-NEIA.
  • Overseas Investment assistance was sanctioned to 42 corporates aggregating ` 6,456 crore for financing their overseas investments in 37 countries. So far, Exim Bank has provided finance to 494 ventures set up by 391 companies in 80 countries

 

  • Profit before tax (PBT) and profit after tax (PAT) of the Bank were at ` 1,020 crore and ` 710 crore respectively during the year 2013-14.

RESOURCES/TREASURY

  • During the year, the Bank raised borrowings of varying maturities comprising rupee resources of
    ` 22,654 crore and foreign currency resources of ` 19,238 crore equivalent.
  • The Bank is rated investment grade, on par with the country’s Sovereign rating. As on March 31,  2014, the Bank was rated Baa3 (Stable) by Moody’s, BBB-(Negative) by Standard & Poor’s, BBB- (Stable) by Fitch Ratings and BBB+(Negative) by Japan Credit Rating Agency (JCRA). The Bank’s Rupee debt instruments continued to enjoy the highest rating viz. AAA rating from the rating agencies, CRISIL and ICRA.

NEW BENCHMARKS IN THE INTERNATIONAL CAPITAL MARKETS

  • The Bank issued US$ 500 million RegS Eurodollar bonds for a tenor of 5.5 years in March 2014. These bonds are included in the Emerging Market Bond Index (EMBI).
  • The Bank raised US$ 320 million equivalent by way of issue of Uridashi Bonds (a bond denominated in a foreign currency and sold directly to Japanese household investors) in three different currencies viz., Turkish Lira, Japanese Yen and Mexican Peso thereby achieving diversification of investor base. The Bank has now tapped the Uridashi Bond market on three occasions and continues to be the only Indian entity in this market.

NEW INITIATIVES

  • Exim Bank’s Project Development Company: The Bank will set up a Project Development Company (PDC) in Africa, which will essentially look to bring infrastructure projects in Africa to a bankable stage and facilitate exports from India to Africa. This is the first time Exim Bank is looking to set up a PDC and also the first time in Africa.
  • Exim Bank’s presence in Myanmar: To bolster bilateral trade and investment between India and Myanmar, the Bank opened its eighth Representative Office in Yangon, Myanmar, becoming the first Government-owned Exim Bank in the World to set up its operations in Myanmar.
  • Seminars with AfDB for Indian companies: Given increased interest of Indian consultants, contractors and suppliers in many developing countries, the Bank has organized a series of interactive seminars on business opportunities in projects funded by the World Bank Group and the African Development Bank Group (AfDB) at New Delhi, Mumbai and Hyderabad.

 

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