Union Bank expects to recover Rs 15,000 crore from bad loans this fiscal

Union Bank of India hopes to recover 15,000 crore hospitals from a bad loan account during the current fiscal year, and most of these will come from accounts that undergo a bankruptcy resolution process.

He hopes to make a recovery worth RS 10,000 Crore from an account under the National Company Law Tribunal (NCLT) for a bad loan resolution in 2022-23, the Bank said during the posting post in June 2022-23 the announcement of quarter income last week.

Replying questions about the recovery guide for 2022-23 full years, the Director of Implementing and Chief Executive Officer of Manimekhalai said, “Recovery will be around RS 15,000 Crore.”

In addition, public sector lenders also tend to change several accounts under the new debt resolution company NarCL.

A total of 44 bad loans have been approved by NCLT with a loan of 4,842 CRORE RS loans. An additional 55 accounts cannot be cleaned by the Creditor Committee (COC) are waiting for the court’s approval.

NPA 55 account that will be approved by NCLT has a total exposure of RS 5,168 Crore. NPA 55 account that will be approved by NCLT has a total exposure of RS 5,168 Crore.

“So, almost around RS 10,000 Crore that we must expect in this financial year, surely it must come … and (in) NarCL as well, three or four months, we expect a number of accounts that are likely to be shifted,” the bank said In an analyst call transcript.

National Asset Reconstruction Company Limited (NARCL) is an asset reconstruction company formed by various banks last year to collect and consolidate assets emphasized for resolution.

During the first quarter that ended in this fiscal June, the bank only received RS 122 Crore from the NCLT resolution. The rest of the recovery is through traditional fashion such as property sales, one -time resolution resolution and the Debt Recovery Court (DRT).

The rest of the recovery is through traditional fashion such as property sales, one -time resolution resolution and the Debt Recovery Court (DRT). That made the recovery worth RS 1,481 Crore during the quarter and account worth RS 1,212 Crore was increased.

While the bank expects slipping as far as RS 13,000 Crore in FY23. In the first quarter of FY23, a loan of writing a bad loan around RS 4,000-4,500 Crore to the company’s loan, 1,400 CRORE RS to MSME loans and RS 200 Crore to retail loans.

Fresh slippage during the April-June quarter is worth 3,714 crore. Union Bank recorded a 32 percent growth in its net profit at 1,558 Crore Hospital in the quarter ended June 2022.

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