Bad loans rise to Rs1tr as of June
MG News | August 12, 2024 at 03:08 PM GMT+05:00
August 12, 2024 (MLN): The non-performing loans (NPLs) of the banking sector increased by Rs9.11 billion or 0.9% by June 2024 compared to the previous quarter, data released by the State Bank of Pakistan (SBP) showed.
By the end of June, the total bad loans stood at Rs1.004 trillion as compared to Rs995.25bn by the end of March 2024.
However, net NPLs, which is the value of non-performing loans minus provisions for loan losses, showed that banks still had a little over Rs53bn left from financial auxiliaries' income set aside to cover anticipated losses.
To note, NPLs are loans and advances whose markup/interest or principal is overdue by 90 days or more from the due date.
The net NPLs as a percent of net loans, which shows the degree of loans infection after making adjustment for the provision held, stood at -0.44%.
At the same time, cash recovery against NPLs during the quarter stood at Rs32.94bn as against Rs22.58bn recovered in the previous quarter.
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