2024-07-17 08:26:12
No progress in recovery of defaulted loans. As a result, Sonali Bank’s defaulted loans are increasing. In the span of one year, the defaulted loans of this bank have increased by Tk 2,226 crores. Now the total amount of defaulted loans of Sonali Bank is around Tk 14 thousand 751 crores.
According to sources from the Financial Institutions Department of the Ministry of Finance, at the end of the financial year 2023-2024, the defaulted loan status of Sonali Bank stood at Tk 14,751,51,000. It is the bank’s own estimated account. The previous year i.e. at the end of June 2023, the defaulted loan status of Sonali Bank was Tk 12 thousand 525 crore. Accordingly, the bank’s defaulted loans have increased by Tk 2,226 crores and 51 lakhs in the last one year.
According to the Annual Performance Agreement (APA) executed with the Department of Financial Institutions, the target was to reduce the defaulted loan status of the bank to Tk 11,500 crore by the end of the financial year 2023-2024. From that point of view, Sonali Bank could not achieve the target of APA.
According to related sources, Sonali Bank’s defaulted loans have increased overall, but the defaulted loan rate has decreased compared to the total loan disbursed or as a percentage. At the end of June 2023, the rate of defaulted loans in Sonali Bank was 14.26 percent of the total disbursed loans. At the end of June this year, it decreased to 13.1 percent. Accordingly, the rate of defaulted loans in the bank has decreased by 1.16 percent in one year.
It is learned that the main problems of the bank are excess of classified loans, slowness in raising quality loans and recovery from classified loans.
Besides, the bank has some other problems and challenges. These include restrictions on the use of information technology. Strengthening the bank’s financial base by earning profits. Establishing good governance in the overall operations of the bank with the observance of integrity policy at all levels. Increasing coverage of banking services by increasing financial inclusion. and improvement of bank’s customer service etc.
According to sources from the Financial Institutions Department, Sonali Bank has set a target of bringing down the defaulted loan status to Tk 14,200 crore by the end of the current fiscal year 2024-2025. Besides, it will collect Tk 450 crores from defaulted loans and Tk 35 crores from foreclosed loans. At the end of last June, Sonali Bank’s foreclosed loan status has been estimated at Tk 6,607,11,000.
According to sources, Sonali Bank’s target for collection of defaulted loans and foreclosed loans for the financial year ended 2023-2024 was Tk 500 crore and Tk 65 crore respectively. Against this, the bank has recovered Tk 371 crore 66 lakh from defaulted loans and Tk 23 crore 86 lakh from foreclosed loans. In other words, the target was not achieved even in the case of recovery of defaulted loans.
At the end of last June, the total loss status of Sonali Bank stood at 15 branches. However, the number of loss-making branches of the bank may increase in the current financial year. This number may be 17 at the end of the financial year.