United Bank of India (UBI) is looking to trim its gross non-performing assets (NPA) to below 10 per cent in FY15. As on June 30, 2014, the bank’s gross NPAs stood at Rs 7,097 crore, that is, 10.49 per cent of gross advances, which is much higher than that of its peers.
In Q1FY15, cash recoveries of Rs 340 crore were made, Rs 626 crore worth of accounts upgraded, and Rs 248 crore written off. UBI has set a cash recovery target of Rs 1,150 crore during this fiscal. Last fiscal, it recovered Rs 645 crore, and another Rs 1,488 crore loans were upgraded (part recoveries).
