Defaulted loans in the industrial sector increased by 79.05 per cent in the recently concluded fiscal year 2012-13 compared with that of the FY 2011-12 when it increased by 0.90 per cent, according to the latest Bangladesh Bank data.
BB officials told New on Monday that banks increased industrial loan disbursement by 30.14 per cent in the FY13 compared with that of 8.21 per cent in the FY12.
A large amount of the loans was sanctioned unlawfully and amid political pressure, they said.
A significant amount of industrial loans did not go to appropriate target in the period resulting in huge increase of defaulted loans in the industrial sector, they said.
According to the BB data, the defaulted industrial loans stood at Tk 15,553.05 crore in the FY13 against Tk 8,686.50 crore in the FY12.
The growth in defaulted loan in the FY12 registered 0.90 per cent as the figure in FY11 was only Tk 8,209.26 crore.
The term loan, a pivotal portion of the industrial loan, also became defaulted alarmingly in FY13.
The defaulted industrial term loan increased by 81.64 per cent in FY13 compared with that of 9.43 per cent in FY12.
The defaulted industrial
term loan increased to Tk 10,320.35 crore in the FY13 against Tk 5,681.85 crore in FY12. The classified industrial term loan in FY11 reached Tk 5,192.42 crore.
The state-owned banks and specialised banks held Tk 6,864.74 crore and Tk 1,582.91 crore, or 44.13 per cent and 10.17 per cent respectively of total industrial classified loans in FY13.
The private commercial banks held Tk 5,951.61 crore, or 38.26 per cent of total industrial classified loans in FY13.
A BB official said that the classified loan had increased in the SCBs and specialised banks as the boards of directors of the banks disbursed loan on political consideration.
The boards of directors of the banks usually approve big loans to politically-linked persons which has already created scams like that of Hallmark-Sonali Bank.
Besides, some corporate groups failed to pay the installments of their industrial loan timely in the last fiscal year, as they faced shortage of electricity and gas, he said.
Under the circumstances, the corporate groups have plunged into the defaulting condition, he said.
The existing political violence also hit the business sector severely which made a large amount of defaulted loan, the BB official said.
-With New Age input
