State Bank of India (SBI) is expected to recover about Rs 8,000 crore from the written off accounts, including the accounts resolved by the National Company Law Tribunal (NCLT) in the current financial year ending March 31, 2022.
The bank recovered Rs 1,500 crore from write-offs during the third quarter of 2021-2021 that ended in December, 2021 and the total recovery amounted to Rs 5,600 crore during the first nine months of the financial year 2021 – 2022 i.e. April-December. The bank said this in a conversation with investors. The bank said that in total it expects to recover around Rs 8,000 crore in the current financial year.
This also includes the amount recovered from cases resolved by the tribunal. Due to this, the bad loans of the bank have also improved and its gross NPA has come down to 4.5 percent at the end of December 31, 2021, from 4.9 percent at the end of September 2021. Net NPAs also declined from 1.52 per cent on a quarterly basis to 1.34 per cent.
SBI Chairman Dinesh Kumar Khara said that the data for the third quarter of the financial year 2021-22 shows that the performance of the bank is improving continuously.
SBI’s NPA is also declining, which shows that the growth of the bank is going in the right direction. The credit growth and deposit growth of the bank are also excellent and it is clear that the trust of the customers of the country remains in the bank.
