Bandhan Financial institution on Thursday mentioned it has acquired a binding bid price ₹280.39 crore from an asset reconstruction firm (ARC) for a non-performing asset (NPA) portfolio within the housing finance phase.
The financial institution will take up the bidding as per the Swiss problem technique. Nevertheless, the identify of the ARC was not revealed by the lender.
The board of administrators of the Kolkata-based financial institution has permitted the proposal to promote its Housing Finance NPA portfolio, having days late (DPD) of greater than 180 days, with an impressive of ₹775.62 crore (as on September 30, 2023), to an ARC, it mentioned in a inventory change submitting.
“The financial institution has acquired a binding bid of ₹280.39 crore (i.e., 36.15 per cent of the excellent pool) for the mentioned NPA portfolio, on outright money consideration foundation. The financial institution goes for bidding as per the Swiss Problem technique and the choice of sale shall be taken as per the extant pointers governing the Swiss Problem technique and the related coverage of the financial institution,” the submitting added.
Through the second quarter this fiscal, the financial institution’s non-performing property (NPAs), in absolute phrases, rose 14.88 per cent year-on-year at ₹7,873.82 crore towards 6,853.85 crore for the corresponding interval of monetary yr 2022-23. Gross NPA ratio throughout Q2FY24 elevated 10 bps at 7.3 per cent from 7.2 per cent in Q2FY23.
Throughout Q2FY24, the financial institution’s provisions fell to ₹636.15 crore in contrast with 1,279.67 crore for the corresponding interval final fiscal. The financial institution’s web curiosity revenue (NII) elevated 11.4 % y-o-y to ₹2,443 crore from ₹2,193 crore from the year-ago interval. Internet curiosity margin (NIM) soared 20 foundation factors y-o-y at 7.2 per cent
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