State-run Central Bank of India plans to sell Rs 300-400 crore of its bad loans in the current financial year in a bid to clean up its balance sheet, a top bank official said.
"We may sell Rs 300-400-crore of bad assets this year," Central Bank of India, Executive Director, Arun Kaul told reporters here today. In the last fiscal, the bank had sold badloans worth around Rs 350-crore, Kaul said.
Banks and other financial institutions having lending operations sell part of their badloans to ARCs at a discounted rate with a view to clean up their balance sheet.
Asset Reconstruction firm, Arcil today said in the last financial year, it had bought bad assets from banks and other financial institutions for around Rs 600-700 crore through cash and security receipts.
For the fiscal ended March, Central Bank of India reported a 82.83 per cent growth in consolidated net profit at Rs 1,162.55 crore as against a net profit of Rs 635.85 crore in the previous year.
Total income rose to Rs 13,820.61 crore during the year, up 19.75 per cent, from Rs 11,540.97 crore in the corresponding period a year-ago.
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