~ Corporate loan book records 49% y-o-y growth; loan assets grow by 17% ~
India Exim Bank’s Managing Director, Ms. Harsha Bangari, and Deputy Managing Director, Mr. Tarun Sharma, announced the Bank’s results for the financial year 2023-24 at a press conference in Mumbai today.
Key highlights of the Bank’s performance during 2023-24 are as under:
FINANCIAL PERFORMANCE
| Parameter | Performance in 2022-23 | Performance in 2023-24 | Change over 2022-23 |
| A. Total Business (₹ cr) | 2,92,257 | 3,44,182 | 17.77% |
| Net Loan Portfolio | 1,34,523 | 1,57,602 | 17.16% |
| Total Borrowings | 1,28,423 | 1,54,611 | 20.39% |
| B. Operating Profit (₹ cr) | 3,599 | 3,750 | 4.20% |
| C. Profit After Tax (₹ cr) | 1,556 | 2,518 | 61.83% |
| D. Gross Non-Performing Assets | 4.09% | 1.93% | (216) bps |
| E. Net Non-Performing Assets | 0.71% | 0.29% | (42) bps |
| F. Capital to Risk Assets Ratio | 25.43% | 21.18% | (425) bps |
The Bank reported significant growth across key business performance parameters, reflecting the commitment to support India’s trade and investment, and developmental priorities of partner countries.
The Bank supported a wide range of developmental projects in partner countries through the Lines of Credit (LOCs) extended at the behest of the Government of India (GOI). As on March 31, 2024, the Bank has a portfolio of 324 GOI-supported LOCs with credit commitments aggregating US$ 31 billion. These LOCs are supporting socio economic development in partner countries, while facilitating access to new markets and opportunities for Indian companies.
During FY 2023-24, the Bank extended ₹ 98,014 crore for building export capacities, enhancing export competitiveness and supporting globalization efforts of Indian companies. The corporate loan book recorded a growth of 49% during the year, while maintaining strong asset quality with nearly 90% of the portfolio above investment grade. The Bank supported 90 project export contracts valued at ₹ 43,695 crore in 34 countries, propelling India’s project exports to new heights. Further, 24 corporates were sanctioned funded and non-funded assistance of more than ₹ 6,739 crore for their overseas investments in 12 countries. So far, the Bank has provided finance to 700 JV/WOS, set up by 510 Indian companies in 78 countries.
Exim Bank’s recent initiatives are playing a crucial role in bridging the market gaps for the MSME sector, ensuring that viable project or enterprise are able to mitigate challenges due to perceived risks or market inefficiencies. The Bank’s Trade Assistance Programme (TAP) is bridging the financing gaps in trade transactions by providing an effective bridge between local banks in partner countries and banks in India. Launched in 2022, the Bank has already partnered with over 80 overseas banks under TAP. As on March 31, 2024, the Bank has supported 506 transactions under TAP across 33 countries, leading to more than US$ 1.1 billion of incremental exports to new or challenging markets, by over 125 exporters based in 42 cities across 16 states.
The Bank also introduced a new lending programme, Sustainable Financing Programme to finance green, transition, social and sustainability linked investments of eligible borrowers, and has provided support to several projects under this programme. A key transition project financed by the Bank was for setting up a 200 MW Round-The-Clock (RTC) renewable energy project, which will support decarbonisation plans of one of the country’s largest integrated zinc producers. This project has been awarded ‘The Project Finance International (PFI) Award’.
Exim Bank’s initiatives are enabling grassroots enterprises, even those located in the most remote areas of the country, to make forays in the international markets. In alignment with the Districts as Export Hubs initiative of the Government of India, the Bank has identified 64 districts for interventions, including 5 districts from the Northeastern States of India.
The Bank is also committed to provide wider visibility, brand promotion and market access for the grassroots enterprises. During FY 2023-24, the Bank partnered with the Kala Ghoda Arts Festival 2024 as a presenting sponsor. Over 200 artisans and grassroots enterprises from various states participated in the festival, with Exim Bank sponsoring more than 60 artisans from 24 states. During the year, Exim Bank published 20 research studies with focus on countries/region, export potential of Indian states, industries and topics of relevance to international trade.
During the year, Exim Bank supported 16 initiatives spread across 12 states of India. The Bank contributed to enhancing access to education and essential nutrition for students from underserved communities through its support to the Akshay Patra Foundation for procurement of two CNG vehicles in Varanasi, Uttar Pradesh for transportation of mid-day meals to students. Further, the Bank engaged with SankalpTaru Foundation, an IT-enabled NGO for plantation of trees. The Bank has planted 2,650 trees through SankalpTaru, through which 81.9 tons of CO2 would be sequestered per year. The Bank also supported technical training of 200 women for facilitating their employment in non-conventional areas, such as bike mechanics and electricians.
