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Exim Bank announces its performance for FY 2016-17

Export-Import Bank of India (Exim Bank) announced its annual performance for the financial year ended March 31, 2017. The Bank continued to deliver on its mandate of financing, facilitating and promoting the globalization efforts of Indian enterprises. During the year, the Bank extended 15 Lines of Credit (LOC) amounting to USD 2.27 billion, assisting a number of Indian companies involved in sectors such as agriculture and irrigation development, textile, railways and related infrastructure, transmission lines and substation, rehabilitation and improvement of water supply system etc. During the year, LOCs were extended to Ghana, Guyana, Kenya, Malawi, Mauritius, Mongolia, Nepal, Nicaragua, Niger, Senegal, Sierra Leone and Tanzania. As on date, the LOC portfolio aggregates USD 15.87 billion with credit commitments under 215 LOCs spread across 63 countries, says a release.

Under its fastest growing finance programme, the Buyer’s Credit under National Export Insurance Account (BC-NEIA), the Bank sanctioned USD 2.84 billion for 22 projects valued at USD 3.07 billion in 2016-17, including a water treatment plant and distribution to reservoirs project in Sri Lanka; supply of vehicles and spares to Zimbabwe, Tanzania and Senegal; Transmission line projects in Cameroon, Ethiopia and Senegal; Construction of railway line project in Ghana; Road projects in Maldives and Zambia; and an Irrigation project in Suriname. The Bank has also given in-principle commitments for an aggregate amount of US$ 5.34 billion supporting 41 projects valued at USD 6.21 billion, under the BC-NEIA at the behest of several leading Indian project exporters.

During the year, 21 Indian corporates were sanctioned funded and non-funded assistance aggregating to ` 38.91 billion for part financing their overseas investments in 12 countries. Till date, Exim Bank has provided finance to 587 ventures set up by 451 companies in 78 countries.

Mr. David Rasquinha, Managing Director (additional charge), Exim Bank, said, “Though the last financial year has been a turbulent year, as the banking sector faced many challenges, Exim Bank has posted a reasonably balanced performance and continued to retain the consistency of making profits since its inception. Exim Bank is a specialized financial institution wholly owned by the Government of India with presence in Indian and overseas countries. Our financial products are designed to cater to the different needs of Indian exporters. By identifying their business goals, and inspiring them to compete internationally, our products help them to expand their boundaries. We aim to help exporters to evaluate international risks and tap opportunities with the right insight. Our in-depth country and sectoral studies provide exporters the necessary tools to tackle international business challenges and tap newer markets.”

To boost the rural economy the Bank during the year, the Bank reached out to the bottom of the pyramid and helped in generating sustainable livelihood for artisans at the grassroots levels involved in handicraft and agri-products from Kashmir, Gujarat, Uttar Pradesh, Maharashtra and Rajasthan. Several supplier agreements were also signed by micro and grassroots enterprises to showcase and sell products at global marketplace. Several product and skill development programmes and training workshops were organized for women artisans, weavers and craftsmen.

Exim Bank in its endeavour to facilitate international trade and to reduce the asymmetry in information availability of trade finance and credit insurance facilities amongst MSME entrepreneurs, launched a portal “Exim Mitra”. The portal provides export-import intelligence and is a helpline to handle queries of India’s exporting community.

The Bank’s loan and non-funded portfolio recorded a growth of 3.55% and 5.85% respectively at ` 1026.41 billion and ` 122.31 billion. Profit before tax amounted to ` 3.13 billion and profit after tax amounted to ` 0.41 billion during FY 2016-17. The net worth of the Bank stood at ` 119.86 billion as on March 31, 2017. During 2016-17, the Bank raised ` 216.04 billion in Rupees and foreign currency at the Rupee equivalent of ` 188.00 billion. The Bank received capital of ` 5.00 billion from the Government of India during the year. The Bank has been taking up the mantle of mitigating the challenge of non-performing assets. The Bank’s NPAs (net of provisions) stood at ` 48.03 billion which is 4.68 per cent of net loans and advances as on March 31, 2017.

Exim Bank’s Research and Analysis Group published 16 research studies on topics of interest of its stakeholders. The Bank is implementing the Government of India’s ‘Act East Policy’ by way of creation of a Project Development Fund (PDF), with an initial corpus of ` 500 crore, for catalyzing Indian investments. The Bank, as the empowered institution under the PDF initiative, has identified potential sectors in the region for undertaking preparation of detailed project reports, based on which special purpose vehicles will be set up in the region for implementing the identified projects. Exim Bank has also partnered UNDP in formulating a programme aimed at promoting the export potential of MSMEs in industrial clusters in North-East region.

 


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