The Bank of India(BOI) has recovered Rs 7,000 crore worth
Standby Letters of Credit (SLOCs) in the last two months and the balance of Rs
2,000 crore would be recovered in another two months, a top bank official said.
This recovery will substantially improve the
bank's balance sheet, Bank of India Executive Director N Damodharan told
reporters.
The bank has
embarked on a plan, following restrictions from RBI on it under the Prompt Corrective Action(PCA) framework. The bank is aiming to bring down its net NPA
ratio substantially, to below 6 percent, he said.
The company had
reported net loss of Rs 2,341.20 crore for the December quarter 2017, against
profit of Rs 107.72 crore in year-ago.
Its gross
non-performing assets (NPA) were sharply higher at 16.93 percent in Q3 against
12.62 percent in previous quarter while net NPAs were also higher at 10.29
percent compared to 6.47 percent QoQ.
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