Dena Bank aims to bring down NPAs to 15 per cent by March 2019

He also said the bank’s amalgamation with two other banks — Bank of Baroda and Vijaya Bank — would strengthen it and enable it to improve the recovery position and its losses will be cut further. “We hope that with improvement in NPA level, the bank will be cut losses further and turn the corner by 2019 and there will be no further addition in NPA level then onward but there will be a turnaround by 2020,” he said.

He said that the as on date the gross NPA was at 15 per cent and net NPA at 10 per cent. It will be brought down from 16,000 crore from now to Rs 10,000 crore by March, Karnam said. Karnam said the under the amalgamation plans, a steering committee was formed consisting of CMDs of all three banks would meet every week to discuss emerging issues and set timelines in next two three months. He said the common logo of the new entity and its name were yet to be decided.