Punjab-Sindh Bank aims to recover Rs 500 crore from NPAs in the fourth quarter
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The public sector bank’s total recovery in the three quarters in the current financial year stood at Rs 1,178 crore. “The resolution of Meenakshi Energy in the National Asset Reconstruction Company of India (NARCL) is in the final stages, while the resolution process of Syntex and Srei under the Insolvency and Bankruptcy Code has also progressed,” he told PTI.
New Delhi. Punjab and Sind Bank Managing Director Swaroop Kumar Saha has said that the bank is expected to recover Rs 500 crore of loans in the fourth quarter of the current financial year as several resolution processes of non-performing assets (NPA) accounts are in the final stages. . The public sector bank’s total recovery in the three quarters in the current financial year stood at Rs 1,178 crore. “The resolution of Meenakshi Energy in the National Asset Reconstruction Company of India (NARCL) is in the final stages, while the resolution process of Syntex and Srei under the Insolvency and Bankruptcy Code has also progressed,” he told PTI.
He said that due to reduction in bad loans, increasing recovery, the bank aims to maintain its profit in the current financial year ending March 2023. The bank has registered a 24 percent increase in profit in the first nine months of the current financial year ending December 2023 and has reached Rs 856 crore. The bank had posted a profit of Rs 1,039 crore in FY 2021-22, the highest in its 144-year history.
Disclaimer:IndiaTheNews has not edited this news. This news has been published from PTI-language feed.
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