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MCB recovered Rs 1.3bn last year

RECORDER REPORT

LAHORE: MCB's Special Assets Management Group (SMAG) recovered Rs 1,300 million during the year 1999 from its non performing portfolio, exceeding the target of Rs 1200 million, said a Bank press release here on Sunday.

The feature of recoveries made by the MCB during the year 1999 was that nearly Rs 1 billion out of the above was made from the `doubtful and loss' category accounts. Thus not only saving substantial provisions for the bank, but also recovering out of those accounts which were almost difficult for any recovery in every aspect.

Another feature of the recovery by the MCB special management assets group in 1999 was that it got back into bank's account over Rs 50 million out of loans already written off, as a result of continuous follow-up and active pursuation, the release said.

It said the Smag was also instrumental in the sale of properties already acquired by the bank against loan recoveries of a value of over Rs 50 million.

MCB President Mian Mohammad Mansha, who closely supervised Smag operations, has appreciated this achievement and stated that the Bank wanted to remain most reasonable in the settlement of non-performing loans, the release further said.

Smag is now poised to achieve its recovery targets for the year 2000, the release concluded.