In the recent past, the bank has been in the process of reducing its high levels of non-performing assets.In September, it sold bad debt exposure of Rs 1,600 crore in Essar Steel to Edelweiss ARC at a 50 per cent discount to the book value. The bank’s gross NPAs at end-September were Rs 34,709 crore, about 22.7 per cent of the total, against Rs 35,453 crore or 23.6 per cent at end-June.
IOB sells Bhushan Steel account to SSG Capital at 40% write-off
SSG Capital was the largest bidder with Rs 376 cr
T E Narasimhan |