LIC Housing Finance likely to recover Rs 3,000 crore worth NPAs

LIC Housing Finance is likely to recover about Rs 3,000 crore from borrowers in the current financial year to improve asset quality, an uphill task in a year when the Indian economy is expected to contract.

The target is to get back about 50 per cent of gross non-performing assets (GNPAs), Managing Director and Chief Executive Siddhartha Mohanty said.

LIC HFC’s asset quality profile came under pressure with GNPAs rising to 2.86 per cent in March, from 1.54 per cent a year ago. Net NPAs also went up to 1.99 per cent, from 1.08 per cent. Its total outstanding portfolio stood at