State Bank of India (SBI) has sold non-performing assets (NPAs) worth Rs 3,590 crore during 2013-14 to asset reconstruction companies (ARCs). The bank’s consideration for the sale was primarily in securities and a small portion in cash. Of the total sale value, Rs 241 crore was in cash and Rs 1,698 crore in security receipts. Large and mid-size corporate advances and high-end SME loan portfolios formed a basket of NPAs that were sold to four asset reconstruction companies.
The bank reported 34.20% fall in its net profit at Rs 2234.34 crore for third quarter ended December 31, 2013 as compared to Rs 3396.06 crore for the same quarter in the previous year. However, total income of the bank increased by 14.91% at Rs 39060.76 crore for quarter under review as compared to Rs 33992.11 crore for the quarter ended December 31, 2012.
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