Exim Bank posts 14% increase in FY11 net

MUMBAI: Exim Bank recorded a 14% growth in net profit amounting to Rs 584 crore during the year ended March 2011. Bank CMD TCA Ranganathan attributed the performance to a sharp rise in the lines of credit extended by the trade finance institution and new initiatives such as long-term buyer’s credit.

The line of credit rose from $700 million to $2.3 billion in FY11. During the year, Exim Bank received a capital of Rs 300 crore from the government. It raised borrowings of varying maturities aggregating to Rs 26,095 crore, comprising rupee funds of Rs 12,669 crore and foreign currency funds of Rs 13,426 crore equivalent.