The Hindu : Exim Bank's new initiative

Online edition of India's National Newspaper
Tuesday, Apr 29, 2003

Business

Business

Exim Bank's new initiative

By Our Special Correspondent

MUMBAI APRIL 28. Export-Import Bank of India today reported a net profit of Rs. 207 crores for 2002-03 as compared to Rs. 171 crores in the previous year. The profit before tax improved to Rs. 269 crores from Rs. 221 crores during the previous year.

The bank would pay Rs. 45 crores to the Central Government as dividend, as compared to Rs. 42 crores in 2001-02. This works out to a pay out of 22 per cent of the post-tax profit of the bank for 2002-03.

Addressing a press conference here, today, the Managing Director and Chief Executive Officer of Exim Bank, T. C. Venkat Subramanian, said loan sanctions aggregated Rs. 7,828 crores as compared to Rs. 4,241 crores in the previous year. Disbursements aggregated Rs. 5,320 crores as compared to Rs. 3,453 crores.

As new initiatives, the bank created an Agri Business Group that would spearhead the bank's initiative in the agri sector. It has successfully helped some Indian companies establish their products overseas and enter new markets. The bank enabled successful entry by locating business partners in Hungary, Italy, South Africa and Singapore for a variety of items including ayurvedic products, snack food, stationery, cotton fabrics and safety matches, Mr. Subramanian added.

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