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Annual Report 2007-08
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:: PRESS RELEASES |
Exim Bank Declares Annual Results For 2009-10
Mr. N. Shankar, Executive Director, Mr. T.C.A. Ranganathan, Chairman & Managing Director and Mr. P. R. Dalal, Executive Director, at the Press Conference of Export-Import Bank of India, held on Friday, May 7, 2010, Mumbai
Bank registers 14 % growth in Loan Assets
Export-Import Bank of India (Exim Bank)'s Chairman & Managing Director, Shri T.C.A. Ranganathan, announced the Bank's results for the year 2009-10, the 28th year of the Bank's operations, at a press conference in Mumbai on Friday, May 07, 2010.
FINANCIAL PERFORMANCE
- Profit before tax amounted to Rs. 772.4 crore, an increase by 26% over the previous year and Net Profit was Rs. 513.5 crore.
- Capital Adequacy (Capital to Risk Assets) Ratio as on March 31, 2010 stood at 18.99%, as compared to 16.77% as on March 31, 2009.
BUSINESS PERFORMANCE
- Loan Assets increased by 14 % moving upwards to Rs. 39,371 crore as on March 31, 2010 from Rs. 34,505 crore as on March 31, 2009. Loan approvals aggregated Rs. 38,843 crore during 2009-10, registering a growth of 16 % over the previous year. Loan disbursements aggregated Rs. 33,249 crore, posting 15% growth over the previous year.
- Net NPAs decreased to 0.20% of net loan assets as on March 31, 2010, as compared to 0.23% in the previous year.
- During the year, the Bank extended 22 Lines of Credit (LOCs), aggregating US$ 753.31 mn, covering 20 countries to support export of projects, goods and services from India. 136 LOCs covering 94 countries in Africa, Asia, CIS, Europe and Latin America, with credit commitments aggregating US$ 4.5 billion are currently available for utilisation, while a number of prospective LOCs are at various stages of negotiation. The Bank lays special emphasis on extension of LOCs as it is an effective market entry mechanism especially for Indian exporters.
- Project export contracts supported by the Bank during the year amounted to Rs. 13,993 crore and the contracts were secured by 13 companies in 12 countries.
- During the year, 18 corporates were sanctioned funded and non-funded assistance aggregating Rs. 1,054 crore for part financing their overseas investments in 6 countries. Exim Bank has so far provided finance to 259 ventures set up by over 209 companies in 64 countries including Austria, Canada, China, Ireland, Indonesia, Italy, Malaysia, Mauritius, Morocco, Netherlands, Oman, Romania, Singapore, Spain, South Africa, Sri Lanka, UAE, UK and USA.
- As on March 31, 2010, guarantees on Bank's book were at Rs. 2,274 crore.
RESOURCES/TREASURY
- During the year, the Bank received capital of Rs. 300 crore from the Government of India, increasing the paid-up capital to Rs.1,700 crore as on March 31, 2010, as against authorised capital of Rs. 2,000 crore.
- During the year, the Bank raised borrowings of varying maturities aggregating to Rs. 20,266 crore comprising rupee resources of Rs. 13,037 crore and foreign currency resources of US$ 1.61 billion equivalent.
- As on March 31, 2010, outstanding Rupee borrowings including bonds/commercial paper/certificate of deposit amounted to Rs.24,584 crore, and the Bank had a pool of foreign currency resources equivalent to US$ 4.16 billion. Total borrowings as on March 31, 2010 stood at Rs. 40,509 crore, as compared to Rs. 37,202 crore.
- Market borrowings as on March 31, 2010 constituted 88% of the total resources of the Bank.
- The Bank's rupee term deposits increased from Rs. 950 crore as on March 31, 2009 to Rs.1,296 crore as on March 31, 2010 with the number of depositors exceeding 17,800.
- The Bank's domestic debt instruments continued to enjoy the highest rating viz. 'AAA' rating from the rating agencies, CRISIL and ICRA.
- As on March 31, 2010 the Bank was rated Baa3 (Stable) by Moody's, BBB- (Stable) by Standard & Poor's, BBB- (Stable) by Fitch Ratings and BBB+ (Stable) by Japan Credit Rating Agency (JCRA). All the above ratings are of investment grade or above and are the same as the sovereign rating.
- The Bank issued Reg S bonds of US$ 300 mn in the international debt markets in January 2010 and US$ 200 mn in April 2010.
NEW INITIATIVES
Opening of Representative Office in Chandigarh
The Bank, during the year, opened its Representative Office in Chandigarh which would serve Indian companies in the North West region of the country, in their efforts to become internationally competitive.
Co-Financing Agreement with African Development Bank
A Memorandum of Understanding (MOU) was signed with the African Development Bank (AfDB) in November 2009, which envisages joint financing of projects in regional member countries of AfDB. The MOU would leverage the resources of both the institutions and enable supporting of larger number of projects, and would mitigate cross-border and payment risks normally associated with project exports.
Programme for SMEs
The Bank has partnered the Commonwealth Secretariat in the 9th and 10th editions of Commonwealth - India Small Business Competitiveness Development Programme. The 9th edition, held in Bangalore in June 2009, was on the theme 'Sustainable MSME Development: The Role of Financing and Appropriate Technologies', and the theme for 10th edition held in Jaipur in February 2010, was on 'MSME Development: Sustainable Practices through Collaboration, Financing and Technologies'.
Cooperation Pact with Development Banks of BRIC Countries
Bank, in the recently concluded BRIC (Brazil, Russia, India, China) Summit held in Brasilia, Brazil, entered into a Memorandum of Cooperation (MOC) with three major development banks of Brazil, Russia and China, viz. Brazilian Development Bank (BNDES), Bank for Development and Foreign Economic Affairs of Russia (Vnesheconombank), and China Development Bank. The MOC signed in the presence of Heads of States/Governments of four BRIC countries, seeks to develop cross-border transactions and projects of common interest; strengthen and enhance trade and economic relations between BRIC countries and its enterprises; and finance the investment projects and to work towards economic development of BRIC countries.
Rural Grassroots Business Initiatives
The Bank has in place a facility to support globalisation of rural industries through its Grassroots Business Initiative. Under the Memorandum of Cooperation (MOC) signed between the Bank and the Ministry of Panchayati Raj (MOPR) the Bank has been designated as the gateway agency for implementing rural business hubs in Wayanad, Kerala; Nagapattinam, Tamil Nadu; and Bastar, Chhattisgarh.
Exim Bank is actively involved in extending export market access support to rural products through innovative export marketing services, effectively utilising its overseas offices and institutional linkages. Exim Bank has earmarked funds for setting up a Rural Technology Export Development Fund to promote exports as also enhance the export worthiness of rural grassroots innovative technologies from India.
Corporate Social Responsibility
As part of its endeavours in supporting social causes, Exim Bank supported the under-14 girls Rugby Team of the Kalinga Institute of Social Sciences (KISS), Bhubaneshwar. The mission of KISS is to provide a combination of formal education with vocational education to tribal children in Orissa. Exim Bank's support to the Rugby Team of KISS encompasses training facilities with associated infrastructure, participation in select tournaments.
RESEARCH & PLANNING
Eight Occasional Papers were published by the Bank during the year, namely MSMEs and Globalisation: Analysis of Institutional Support System in India and in Select Countries; International Trade, Finance and Money: Essays in Uneven Development; Sikkim: Export Potential and Prospects; Mizoram: Export Potential and Prospects; Floriculture - A Sector Study; Biotechnology Industry in India: Opportunities for Growth; Indian Gems and Jewellery: A Sector Study; and SADC: A Study of India's Trade and Investment Potential.
GLOBAL NETWORK OF EXIM BANKS AND DEVELOPMENT FINANCIAL INSTITUTIONS
The Global Network of Exim Banks and Development Finance Institutions (G-NEXID) was set up in Geneva in March 2006 through the Bank's initiative, under the auspices of UNCTAD. With the active support of a number of other Exim Banks and Development Finance Institutions from various developing countries, the network has endeavoured to foster enhanced South-South trade and investment cooperation and annual meetings of the Forum.
As part of the continuous process of interaction among G-NEXID members, a seminar on 'Global Financial Crisis: Significance of South-South Trade Finance and Cooperation' was organised as a prelude to the Fourth Annual Meeting of the G-NEXID. G-NEXID signed a Memorandum of Cooperation (MOC) with the International Finance Corporation in the presence of Dr. Supachai Panitchpakdi, Secretary General, UNCTAD.
ADFIAP DEVELOPMENT AWARD
The Association of Development Financing Institutions in Asia and the Pacific (ADFIAP) Development Award recognises and honours ADFIAP member institutions, which have assisted projects that have created a development impact in their respective countries. The Bank has been conferred the 2010 "Trade Development Award". The Award is in recognition of the Bank's "Lines of Credit Programme" which is an effective market entry mechanism especially for Indian exporters.
COMMENCEMENT DAY ANNUAL LECTURE 2010
Dr. Supachai Panitchpakdi, Secretary General, United Nations Conference on Trade and Development (UNCTAD) delivered the Bank's Twenty-Fifth Commencement Day Lecture for the year 2010. Dr. Panitchpakdi spoke on 'Reconstructing Economic Governance: An Agenda for Sustainable Growth and Development'. Dr. Subir Gokarn, Deputy Governor, Reserve Bank of India, presided over the function.
For further information, please contact
Mr. S. Srinivas,
General Manager,
Export-Import Bank of India,
Centre One Building, Floor 21,
World Trade Centre Complex, Cuffe Parade,
Mumbai-400005.
Telephone: (022) 22181852,
Fax: :(022) 22182572.
E-mail:
cag@eximbankindia.in
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