Eyeing 20 per cent growth in loan assets, Export-Import Bank of India today said that it plans to borrow Rs 20,000 crore in the current fiscal. "We plan to borrow Rs 20,000 crore this fiscal, of which Rs 6,000 crore would be foreign currency debt," Exim Bank's Chairman and Managing Director T C Venkat Subramanian said here.
Subramanian said that the bank plans to issue bonds and commercial papers to raise domestic debt amounting to Rs 14,000 crore during the fiscal. It would also look at RBI's refinancing facility to meet the fund requirements. "We also hope to raise Rs 1,500 crore through term deposits during the fiscal as compared to Rs 950 crore in 2008-09," he said.
In FY'09, Exim Bank had raised borrowings of various maturities aggregating Rs 17,650 crore comprising rupee loans of Rs 11,708 crore and foreign currency resources of $1.7 billion equivalent. Its loan assets increased to Rs 34,505 crore in FY'09, up by 18 per cent from the previous fiscal.
"We hope to register 20 per cent growth in loan assets this fiscal. We are confident of that. In case, a particular area does not perform well in the current economic downturn, we will focus on other areas to keep the momentum," he said.
Facilitating globalisation of Indian business, Exim Bank finances export and import credits, extends credit to export oriented companies and Indian corporates for overseas ventures & acquisitions and Lines of Credits to sovereign governments and central banks among others.
Exim Bank recorded a net profit of Rs 477 crore for the year ended March 31, 2009, recording a 43 per cent growth over the previous fiscal and its capital adequacy ratio, as on March 31, 2009, stood at 16.77 per cent as against 15.13 per cent in FY'08.
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Net NPAs came down to 0.23 per cent during the fiscal from 0.29 per cent for the year ended March 31, 2008. Net Interest Margin was at 1.98 per cent during the year, which Subramanian expects the bank would be able to maintain in the current fiscal as well.
During the year, Exim bank extended 25 LoCs amounting to $783.5 million in 20 countries. The bank sanctioned Rs 2,338 crore assistance to 16 corporates for part-financing their overseas investments in 11 countries.
The bank approved Rs 33,628 crore loan and disbursed Rs 28,339 crore during the year. Exim Bank received Rs 300 crore capital from the Government of India. Its paid-up and authorised capital stood at Rs 1,400 crore and Rs 2,000 crore respectively as on March 31, 2009.