SBI EXPECTS TO RECOVER `8,000 CR FROM WRITTEN-OFF A/Cs IN FY22

New Delhi, Feb. 13: State Bank of India is expecting to recover around Rs 8,000 crore from written-off accounts, including from NCLT resolved cases, in the current fiscal year ending on March 31, 2022. During the third quarter ended December 2021, SBI recovered Rs 1,500 crore from written-off accounts and for the nine months during AprilDecember FY22, the recovery amount stands at Rs 5,600 crore, SBI said in a post Q3 FY22 earnings call with analysts.

The bank's net profit during the quarter surged by 62.27 per cent to Rs 8,432 crore.

"But overall, the bank is expecting recovery of about Rs 8,000 crore in this whole financial year," the lender said during the call. This includes the amount recovered from tribunal resolved cases, as the bank will "not be differentiating between NCLT" resolved cases in terms of recovery from written-off accounts.

The lender also brought down its bad loans proportion, with the gross non-performing assets falling down to 4.5 per cent at end of December 2021 from 4.9 per cent in the preceding quarter, September 2021.