(PTI)
The country’s oldest public sector financial institution, IFCIBSE -0.95 % has said it expects the cash recovery to increase to Rs 1,200 crore in the current fiscal following the “stepped up” bad loan recovery process it has undertaken.
“We have made recovery of Rs 850 crore in the three quarters of the current fiscal which should rise to Rs 1,200 crore by the end of the March 2018,” IFCI Managing Director and CEO E S Rao.”We have stepped up our balance sheet cleaning process. As part of this we are going aggressively after recovery and we hope to exceed our target for the current fiscal,” he said.
IFCI’s net non-performing assets were at 26.49 per cent while gross NPAs stood at 35.8 per cent as of end December, 2017. It made provisions or wrote off bad debts worth more than Rs 411 crore, which resulted in the company reporting a loss of Rs 176 crore in the third quarter.
