Exim Bank’s Profit Drops By 56% in FY 16

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Exim Bank’s Profit

Recently, Export-Import Bank of India shared its profit in the financial market which dropped by 56% in the fiscal year 2016 showing a net profit of 316 crores INR in comparison to FY 15 which closed to 726 crores INR. Although after many years, Bank’s loan section cleared a profit of Rs. 1 lakh crore in the very same year. The financial institution self-blamed itself pointing towards a growth of bad loans by 0.86% along with an uncertain growth rate. Along with supportive reason as it raised debt amounting 23,183 crores INR as well as foreign currency resources worth Rs. 13,781 crores.

Exim Bank’s Profit

According to Chairman and Managing Director of Exim Bank, Yaduvendra Mathur,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. 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.

READ: RBI Pulls Off Norms

The credit note, as of March, ended to $14.26 billion which include 63 countries. It also signed an agreement with nine nations as per Line of Credits which includes Bangladesh, Cote d’Ivoire, Congo, Guyana, Guinea, Tanzania, Zimbabwe and Myanmar figuring an amount of 2.61 billion USD. Previously, it sanctioned loan amounting 22,551 crores INR so as to fund 95 overseas projects in as many as 35 countries with the help of 50 exporters. On another side, it sanctioned approximately $2.19 billions for 22 projects worth amounting $2.49 billion as of buyer’s credit note.

Bank’s overseas finance investment programme reached an amount of Rs. 5,264 crores which included the acquisition or setup of other varied foreign 25 projects where as rest of 47 crores INR of the sum was taken as the renewal of existing facilities. Also, it invested in several projects, much needed of premium and exclusive support by paying lump sum amount 5.11 billion USD so as to 36 projects of current saving pipelines.

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