Custom Search

Tuesday, January 22, 2013

Allahabad Bank to offload NPAs worth Rs 540 cr

Allahabad Bank will be offloading non-performing assets worth Rs 540 crore to an asset reconstruction company.

“The deal is on the table and the process will be completed by next month,’’ Shubhalakshmi Panse, Chairman and Managing Director, Allahabad Bank, told newspersons here on Tuesday.

Allahabad Bank, which had witnessed rise in NPAs in the quarter ended September 30, 2012, has also drawn up a strategy for better NPA management.

“We have put in place a three-pronged strategy by creating a separate vertical, doubling the recovery targets for the staff and off-loading some portion of NPAs to ARC,’’ Panse said.

She said that the net interest margin for the current financial year could be around 2.85-2.9 per cent.


Post a Comment

Popular Posts

Desi Google | A2Z Famous Quotes | What's Cooking America | Joke Site