India Exim Bank's PAT rises 62% in FY24 to ₹2,518 crore

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₹2,518 crore for FY24, up 61.8% on year, on the back of robust growth in its loan portfolio and a rise in net interest income (NII). The Mumbai-headquartered financial institution, which finances, facilitates and promotes India's international trade, said its total business for FY24 stood at ₹3.4 trillion, up 17.8% annually.

While India Exim Bank's net loan portfolio stood at ₹1.6 trillion during FY24, up 17.2% annually, its total borrowings were ₹1.5 trillion, up 20.4% on year during the same period. The loan portfolio's growth in FY24 was driven by sectors like clean and renewable energy, automotive, engineering goods, pharmaceuticals, and telecommunications, and other strategic sectors like e-mobility, high-tech, aerospace also saw growth, Exim Bank said in a statement.

"In terms of the Non-Performing Assets (NPAs), with the improvement in asset quality and reduction in incremental slippages, the Gross NPAs declined significantly from 4.09% as on 31 March 2023, to 1.93% as on 31 March 2024, and the Net NPAs declined from 0.71% as on 31 March 2023, to 0.29% as on 31 March 2024," it added. Addressing the media, India Exim Bank's managing director, Harsha Bangari, said the bank will be targeting 10%-12% credit growth during FY25.

Bangari said while India Exim Bank is not looking at any capital infusion from the central government during FY25, it will prefer market borrowing during the ongoing fiscal, which would be a mix of domestic and foreign currency borrowings. "It's difficult to say how much (the market borrowing would be), but roughly it would be around ₹60,000 crore," Bangari said.