Exim Bank posts 14% jump in FY 11 net profit at Rs 584 cr

MUMBAI: Development finance institution Exim Bank today posted 14 per cent jump in net profit at Rs 584 crore in 2010-11, and said it will concentrate on new areas to maintain growth this fiscal.

The bank reported 17 per cent increase in loan assets at Rs 46,041 crore in FY'11 and a 3-fold increase in the number of corporates which got help for their overseas investments.

Looking ahead, Exim Bank CMD T C A Ranganathan said it will focus on launching more innovative products to maintain a similar growth.

"In order to be impactful, I can either increase my size, which is very difficult, or come out with impactful products, which will help Indian exporters," he said.

The bank recently started or will soon be launching new lines like loans to corporates against one-year Government securities, loans to smaller companies for investing in export-oriented R&D and advisory services.

Ranganathan said that currently over 89 per cent of the money it lends comes from market borrowings.

Exim Bank has also asked the Government to increase its authorised capital to Rs 10,000 crore which will require an amendment in the Act through which it came into existence.