Corporation Bank, a public sector lender, is reportedly planning to sell Rs 1800 crore of non-performing assets (NPAs) to an asset reconstruction company (ARCs), for which it has already issued tenders. The bank is hopeful of achieving the target of recovering Rs 1000 crore by the end of December. Recently, the bank’s gross non-performing assets (NPAs) have increased to 5.32% for the quarter as against 4.45% in the same quarter previous year. The bank’s Net NPA stood at 3.54% in Q2FY16.
Corporation Bank is a Mangalore-based mid-sized public sector bank. The bank has reported 17.50% rise in its net profit at Rs 188.60 crore for the quarter ended September 30, 2015 as compared to Rs 160.51 crore for the same quarter in the previous year.
