In the run-up to the close of financial year 2019, Bank of India is expecting a provisioning write-back of more than ₹1,800 crore from the resolution of Essar Steel assets and an inflow of ₹400-500 crore from the sale of non-core assets.
The public sector bank has made 100 per cent provisioning towards the Essar Steel account. Bank of India (BoI) MD and CEO Dinabandhu Mohapatra said: “Our bank’s provision coverage ratio (PCR), at 76.6 per cent, is the highest in the banking industry. We are quite hopeful of a write-back of more than ₹1,800 crore from the resolution of this account.”
BoI’s non-core assets include STCI Finance and Star Union Dai-ichi Life Insurance Company. The bank’s non-core investments include Central Depository Services (India), and ASREC (India), an asset reconstruction company.
No comments:
Post a Comment