Gross NPAs reduced to Rs 11,678 crore in FY19, from Rs 11,976 crore. Net NPAs were Rs 2,288 crore, from Rs 4,028 crore at the end of FY18. The provision coverage ratio improved to 85 per cent, from 71 per cent. This year, the bank expects recovery of Rs 3,000-3,500 crore from stressed accounts facing resolution under the Insolvency and Bankruptcy Code.
An exposure of about Rs 2,000 crore to Videocon Oil Ventures (VOV) was categorised as an NPA in FY19, the provision in the balance sheet being Rs 700 crore. Exim has been
making a prudential provision for this firm’s account over two to three years. The provision now fully covers the account. VOV has an oil exploration business in Brazil and a lenders’ consortium, headed by SBI, has appointed a valuer for the firm.