Exim Bank of India reported FY21 net profits of INR 2.54bn ($35mn), a 105% jump YoY. The state-backed lender said that profits were helped by a dip in bad loans alongside loan growth of 7% partially offset by rupee depreciation vs. the dollar as most of its loans are linked to the dollar. They also mentioned asset quality strengthening with its slippage ratio falling 42bp to 1.52% and net NPAs of 0.51%, down 126bp. Exim also noted that its provision coverage ratio improved almost 8% to 96.74%. The bank continues to remain “cautiously optimistic” about growth in the new fiscal year.

Exim India’s bonds were stable – its USD 2.25% 2031s were at 92.7, yielding 3.14%

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