Friday, May 12, 2023

India Exim Bank’s profit doubles in FY 23

Corporate loan book sees 35% y-o-y growth; loan assets grow by 14%
India Exim Bank’s Managing Director, Ms. Harsha Bangari, and Deputy Managing Directors, Mr. N. Ramesh
and Mr. Tarun Sharma, announced the Bank’s results for the financial year 2022-23 at a press conference
in Mumbai on Friday, May 12, 2022. Key highlights of the Bank’s performance during 2022-23 are as under:
(A – J in ₹ Crore, K – M in %)
Performance in
Performance in
Change over
A. Net Loan Portfolio 1,17,619 1,34,523 14.37%
B. Non-Fund Portfolio 15,247 17,000 11.50%
C. Customer Asset Portfolio (A+B) 1,32,866 1,51,523 14.04%
D. Net Investments 10,903 12,311 12.91%
E. Total Borrowings 1,07,477 1,28,423 19.49%
F. Total Business (C+D+E) 2,51,246 2,92,257 16.32%
G. Business per Employee 737 814 10.45%
H. Operating Profit 3,130 3,599 14.98%
I. Profit Before Tax 2,150 2,089 (2.84)%
J. Profit After Tax 738 1,556 110.84%
K. Net Non-Performing Assets - 0.71% -
L. Capital to Risk Assets Ratio 30.49% 25.43% (506) bps
M. Provision Coverage Ratio 100% 94.56% (544) bps
The Bank sanctioned loans aggregating ₹ 79,764 crore during FY 2022-23 to enhance export capabilities of
Indian companies and support development priorities of partner countries.
The Bank has a portfolio of 303 Government of India-supported Lines of Credit (LOCs) with credit
commitments aggregating US$ 31.85 billion, which are at various stages of implementation. With ever
expanding reach, the LOCs have gained momentum in stimulating economic growth across 68 countries in
Africa, Asia, Latin America, Oceania and the CIS region. During FY 2022-23, the Bank supported 37 new
contracts valued over US$ 1 billion. On behalf of the Government of India, the Bank sanctioned seven LOCs,
aggregating US$ 670.32 million, to support export of projects, goods, and services from India.
During FY 2022-23, the Bank provided support of ₹ 72,521 crore to Indian companies to build export
capacity and boost export competitiveness under the Commercial Business. Further, the Bank supported
75 project export contracts valued at ₹ 43,421 crore under its commercial portfolio, in 37 countries,
propelling project exports to new heights. The Bank has also provided aggregate overseas investment
finance of ₹ 67,082 crore to support 671 Joint Ventures / Wholly Owned Subsidiaries, set up by 495 Indian
companies in 78 countries, providing opportunities for creating employment, tapping new markets, forging
backward and forward integration, accessing raw materials and improving efficiency.
With a focus on supporting MSMEs and facilitating international trade in this segment, the Bank’s Ubharte
Sitaare Programme (USP) and a recent initiative, viz. Trade Assistance Programme (TAP), have gained
momentum. Under USP, credit facilities aggregating ₹ 638.34 crore were extended to 42 companies in
sectors including aerospace, auto, pharmaceuticals, medtech, environmental sustainability, artificial
intelligence, Industry 4.0 and consumer durables. In its maiden year, 122 transactions aggregating US$
304.76 million have been supported under TAP, creating a multiplier effect for incremental exports.
The Bank raised aggregate resources of ₹ 52,156 crore including foreign currency resources of US$ 3.47
billion during FY 2022-23. The Bank opened the international markets for Indian issuers with a benchmark-
sized Sustainability Bond of US$ 1 billion in January 2023, under its ESG Framework. Proceeds of the bond
are being used towards projects such as renewable energy, clean transportation, access to essential
services and basic infrastructure, affordable housing, water and waste management.
The Bank is rated Baa3 (Stable) by Moody’s, BBB- (Stable) by S&P Global Ratings, BBB- (Negative) by Fitch
Ratings and BBB+ (Stable) by Japan Credit Rating Agency. All these ratings are of investment grade or above
and are the same as the sovereign rating.
A refinement of Indian Development and Economic Assistance Scheme (IDEAS) Guidelines has enabled
streamlining of processes for monitoring and evaluation of projects financed under the LOCs and
Concessional Financing Scheme. A technology-enabled monitoring system for these projects, christened as
New E-Tracking & Remote Administration (NETRA), was launched by the Finance Minister, Smt. Nirmala
The Bank has integrated ESG due diligence with overall credit risk assessment framework to identify
underlying ESG risks. The Bank was commissioned by Export Barbados for a consultancy assignment for
establishing an export credit agency in Barbados. The Department of Commerce, Ministry of Commerce &
Industry, Government of India, is also engaging with the Bank to conduct impact assessment of Free Trade

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