State Bank of India (SBI) expects to recover around Rs 8,000 crore from write-offs including accounts resolved by the National Company Law Tribunal (NCLT) in the current financial year ending March 31, 2022.
SBI recovered Rs 1,500 crore from write-offs during the third quarter ended December, 2021 and the total recovery amounted to Rs 5,600 crore during April-December, the first nine months of FY 2021-22. 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.
It 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 NPAs have come down to 4.5 per cent at the end of December 31, 2021 from 4.9 per cent at the end of September, 2021.
Net NPAs also declined to 1.34 per cent from 1.52 per cent on a quarterly basis.
SBI Chairman Dinesh Kumar Khara said that the data for the third quarter of FY 2021-22 shows that the performance of the bank is improving continuously.