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Showed improvement both in net and gross NPAs, says Canara Bank

Updated : July 26, 2018 01:15 PM IST

Rakesh Sharma, MD and CEO, Canara Bank said the slippages in the quarter were higher than their expectations at Rs 4200 crore but don’t expect them to cross the Rs 2000 crore number in coming quarters.

He said the bank showed improvement both in net and gross NPAs.

"The gross NPAs reduced by Rs 2800 crore due to settling of two account. The bank managed to recover approximately Rs 2000 crore from Bhushan, Electrosteel accounts. Moreover, upgradation and recoveries also helped reduce NPAs in the quarter," he said.

"The bank was on track to grow the loan book by 10-12 percent and the book has grew by 12.6 percent in Q1FY19 year on year. The major growth is coming from SME, retail and agriculture and on corporate they have been cautious but that too showed reasonable growth," he added.

Throwing more light on NCLT accounts, he said 4 accounts are an advanced stages in NCLT and we expect a total recovery upgradation of Rs 16000 crore. See Rs 10,000 crore recovery come in from the list 1 and 2.

On sale of non-core assets, Sharma said they would monetize Can Computer Services and Can Factor this year but Can Fin Homes would more likely be monetized by March 2020.
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