Mumbai, Apr 28 (UNI) Export Import Bank of India (EXIM Bank) today reported a 11 per cent increase in its profit at Rs 333 crore for 2007-08 with loan assets growing by 25 per cent.
EXIM Bank Chairman and Managing Director T C Venkat Subramanian told newsmen here that loan approvals during the year aggregated to Rs 32,805 crore up by 23 per cent over the previous year's figures of Rs 26,762 crore. Disbursements were also went up by 23 per cent at Rs 27,159 crore as against Rs 22,076 crore the previous year.
Loan assets increased to Rs 29,152 crore in 2007-08, 25 per cent more than Rs 23,274 crore achieved the previous year.
He said EXIM Bank was contemplating to sign up line of credit worth one billion Dollar this year, anticipating another 25 per cent growth.
He said during the year the Bank had extended 17 lines of credit aggregating USD 704 million, covering 39 countries to support export projects, goods and services from India, 89 LOCs covering countries in Africa, Asia, CIS, Europe and Latin America with credit commitments aggregating USD 2.96 billion that were currently available for utilisation. Project export contracts supported amounted to Rs 26,926 crore and were secured by 31 companies in 30 countries.
During the year the company had enabled Tata power acquire a coal mine in Indonesia. Talks were also on by another company to acquire a iron ore in Latin America. A number of Indian companies were looking outward for enhancing their business, he informed.
EXIM Bank which enhanced its authorised share capital to Rs 2,000 crore with infusion of Rs 1,000 crore by the Centre had during last fiscal received a share capital of Rs 100 crore from the Union government increasing its paid up capital to Rs 1,100 crore.
During the year, the Bank raised borrowings to the tune of Rs 14,040 crore and this year the borrowings were expected to cross Rs 17,000 crore. During last fiscal a five year floating rate note for Japanese Yen 24 billion were issued under the Bank's USD one billion Mid Term Notes programme.
Mr Subramaniam said EXIM Bank opened its representative office Im Dakar in Senegal. It was keen to expand to new markets in Latin America, Africa and other emerging markets.
UNI VK GR AG1443