Exim Bank net down at Rs. 710 crore

The Exim Bank on Wednesday reported a marginal decline in net profit at Rs. 710 crore as the expenditure jumped 28 per cent during the last fiscal.

The bank said its net income declined nearly 4 per cent from Rs. 742 crore in FY13 as its provisions increased due to bad assets, which stood at 2.1 per cent during the past fiscal.

Net NPAs stood at 0.43 per cent down from 0.47 per cent while the gross NPAs stood at 2.1 per cent, down from 2.37 per cent. The bank maintained a provision coverage ratio of 80 per cent.

The bank restructured Rs. 1,400 crore of its bad assets in the year and had Rs. 400 crore in the pipeline for recast.

The bank’s advances grew 16 per cent to 75,873 crore in the reporting year, while total business grew 14 per cent to Rs. 1,56,782 crore, chairman and managing director Y. Mathur said.

The non-fund portfolio grew 22 per cent to Rs. 9,426 crore, while net worth rose 15 per cent to Rs. 8,310 crore.

The bank paid Rs. 339 crore to the government as share of its profit for the year, up 29 per cent from the previous fiscal.