“Non-Performing Loans”

Course Name: Financial Institutions

and Markets
Course Code: FIN-324

Submitted To
Submitted By
Assistant Professor
Dept. Of Finance and Banking Session 2014-2015
Faculty of Business Administration Dept. Of Finance and Banking
Islamic University,Kushtia Faculty of Business Administration
Islamic University,Kushtia

Submission Date:

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4th August, 2018

Md. Bokhtiar Hasan

Assistant Professor

Department of Finance and Banking

Faculty of Business Administration

Islamic University, Kushtia

Subject: Submission of Report

Sir

With due respect, we would like to inform you that, it is a great pleasure for us to submit the report
on “Non-performing loans of several countries” .We tried our best to make the report a better
one within the given time. We earnestly thank you for your guidance during the preparation of the
report. Any sort of suggestion regarding the report will be greatly acknowledged and we will be
gratified if our report serves its purpose.

We, therefore, request you to accept this report and give us proper suggestion to work in our
professional life and we pray and hope that the mistakes will be kindly excused.

Lastly, we beg your kind consideration for evaluating this report.

Yours faithfully

Session: 2014-2015

Department of Finance and Banking

Faculty of Business Administration

Islamic University, Kushtia.

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 Acknowledgement

Our endeavor will come true if the actual purpose of this report becomes fulfilled. First of all we
would like to express our gratitude to almighty Allah. Then we would like to special thanks to our
honorable course instructor, Mr. Bokhtiar Hasan, Assistant Professor, Department of Finance and
Banking, Islamic University, Kushtia, for assigning us such type of challenging task and guiding
and instructing us continuously to complete the task. We cordially remember all the individuals
providing us necessary data to prepare the report.

Finally, we would like to thank our signor batch students and all other person whose influence and
inspiration has enabled us to complete this report.

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Table of Contents
Abstract ......................................................................................................................................5

Introduction ................................................................................................................................6

A true history of Loan defaulter:..............................................................................................6

Objectives of our study ...............................................................................................................7

Limitation of our study ................................................................................................................7

Data and Methodology ................................................................................................................8

Literature Review ........................................................................................................................9

Analysis and Result ................................................................................................................... 11

The Quantitative Dimension: ................................................................................................. 11

Bangladesh’s Non-Performing Loans: ................................................................................... 12

Findings: ............................................................................................................................... 12

Top ten banks with highest default loans in Bangladesh: ....................................................... 13

Findings: ............................................................................................................................... 13

Look At A Glance to other Banks Default Loans: .................................................................. 14

.............................. 15

Findings: ............................................................................................................................... 16

The Underlying Causes: ............................................................................................................ 18

SOME ADVERSE CONSEQUENCES OF LOAN DEFAULT: ................................................ 19

Recommendations ..................................................................................................................... 20

Conclusion ................................................................................................................................ 21

References ................................................................................................................................ 22

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 Abstract
A loan that is in default or close to being default is considered to be non-performing loan and
higher amount of non-performing loan indicates inefficiency of a bank in providing good loans.

Bangladesh’s banking sector is witnessing the accumulation of bad loans at an alarming rate, as
borrowers show a growing tendency to default on loans. Experts have blamed the situation on the
lack of good governance in the banking sector.

Figures provided by the central bank revealed that the amount of default loans stood at Tk22,644
crore at the end of 2011. Six years later, the amount has swelled to Tk74,303 crore. There are state
owned banks, private commercial banks, private islami banks and private commercial foreign
banks among the banks, the state owned banks have the highest defaults loans especially Sonali
Bank. There is an amazing news that there have been no defaulted loans at Shimanto Bank Ltd,
which is fully owned by the Border Guard Bangladesh Welfare Trust. Until December, 2017, six
state-owned banks have disbursed loans of Tk1,40,769.93 crore. Of the amount, Tk37,326 have
turned into default loans which is 26.52% of the loans disbursed by these banks.

During the same period, private banks have given out loans of Tk6,03,603.24 crore. Tk29,396.19
of the amount have turned into default loan. It is 4.87% of these banks’ disbursed amount.

Two state-owned specialized banks have so far given out loans of Tk23,199.69 crore. Of them,
Tk5,426.30 crore or 23.39% of these banks’ disbursed loans have become default loans.

Experts and research identify causes for defaults loans are incompetence of banks personnel, poor
governance, political influence, ineffective judicial system and consequences of default loan in our
economy.

The recommendations to overcome the problem are the analytical competence, sound corporate
governance, up dated law, protection political influence and applying the role of central bank.

The government enacted the Artho Rin Adalat Ain in 2003 to resolve the pending cases, but it has
yet to bring expected results.

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 Introduction
Bangladesh is a developing country. Here are more than fifty banks. In recent times loan default
has emerged as a topic of frequent discussions both in academic circles and the media. Smooth
and efficient flow of savings-investment process is prerequisite for the economic development of
a country. Bangladesh mainly depends on the intermediary role of commercial banks for
mobilizing internal saving and providing capital to investor. These, it matters greatly how well our
financial sector is functioning. Looking at the performance of our financial sector for the last
decade or so, we observe that our banking sector heavily burdened with a high percentage of non-
performing loans.

It is obvious that non-performing loans reduce bank profitability, as banks can not appropriate
interest income from their classified loans. Non-performing loans reduce loan able founds by
stopping recycling. Banks need to set aside a portion of their income as loan loss reserve to make
up bad loan debt. A bank with high percentage of non-performing loans suffer from erosion of
capital. All those adverse impact of non-performing loans on low profitability and low capital base
are clearly reflected in Bangladesh banking sector.

A true history of Loan defaulter:

Aziz Pipes, a leading PVC pipe manufacturer, owes Tk 28.71 crore to Uttara Bank. The company
took the loan between 1997 and 2003 from the bank's Motijheel corporate branch.On maturity, it
failed to pay back, and the bank published an auction notice in August 2005 in a newspaper to sell
the mortgaged properties of the borrower. But the lender's legal move did not bother the borrowers.
They filed a writ petition with the High Court to stop the auction process. Then about three months
later, the bank filed a case with Dhaka Artha Rin Adalat (money loan court) against Aziz Pipes
and its seven owners and their legal heirs to recover the loan. Later, Aziz Pipes filed two write
petitions with the HIGH COURT in 2008 and 2014 and the HIGH COURT subsequently stayed
the lower court proceedings. In 2015, however, the HIGH COURT vacated the writ petitions and
the case is now pending with the money loan court. Somehow 12 years have gone by but the bank
is still fighting for recovery of its money.

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 Objectives of our study

The objectives of this paper are-

i. To assess the present situation of non-performing loans in our banking sector

as well as some other country’s banking sectors.
ii. To show the trend of the loan default problem.
iii. To identify the causes of non-performing loans.
iv. To show the exact position of Bangladesh banking sector.
v. To compare the ratio of non-performing loans with the some others countries.
vi. To identify the solution of non-performing loans.

Limitation of our study

The limitation of this study are –

i. Time constraint.
ii. Unavailability of relevant data.
iii. There is no primary data.
iv. The group members are away.

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 Data and Methodology

Data and methodology indicate the sources of data and the collection of data-

Data has been collected from various secondary sources like different types of web sites, research
work of individuals, different types of publication, journals of different institution, annual report
of Bangladesh Bank.

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 Literature Review

NPL is an important topic regarding banking industry so there are lots of studies on this topic so it
is necessary to understand the conclusions of the studies that have already been performed by
different authors before performing the same study as the previous studies may help to understand
the topic more effectively. Among different types of risks that a bank faces in operating within the
banking industry credit risk is one of the most influential risks that may force a bank to be bankrupt
and credit risk is influenced by non-performing loans so it is necessary to consider the non-
performing loans of a bank in determining the credit risk appropriately (Zelalem, 2013). In order
to ensure the soundness of the banking system and to ensure economic growth it is necessary to
observe the determinants of non-performing loans so that non-performing loans can be controlled
properly. The existing literature regarding NPLs has been discussed below: Macroeconomic forces
are influential to the overall performance of banking industry, economic growth and other
development programs of a country and these forces are considered as exogenous. Loss rate of a
debt portfolio that is diversified is influenced by the economic condition and in this case the
influence is considered to be important (Carey, 1998). Some studies show that during recession
the amount of non-performing loans increase in the economy that means the gross amount of non-
performing loans depends on the economic state of a country. In other studies it has been shown
that the bad economic conditions of a country influences the NPLs of the banking industry of the
country and the main reason behind this kind of finding is that the bad economic condition affects
the income of the clients of a bank and so they make delay of the repayments of the interests and
principle amounts and in some cases fail to repay. Problem loans and GDP are negatively related
and this kind of relationship means that the amount of problem loans increase during bad economic
condition or economic downturn and the negative relation between the two factors are significant
and this conclusion have been drawn by Jimenez and Saurina (2006), Das and Ghosh (2007), and
Warue (2013). A study related to the determinants of NPLs which was conducted by Salas and
Sourina (2002), showed that the changes in NPLs are affected by GDP expansion, unemployment
rate, real exchange rate, and the soundness of policies within the banking industry significantly. In
addition to the macro-economic factors some other industry-specific, firm-specific or country-

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specific factors may also increase or decrease the amount of non-performing loans of a banking
industry. In some studies the relationship between NPLs and bank-specific factors

It has been clearly shown and so it can be said that the amount of non-performing loans of a specific
bank is somewhat dependent on the effectiveness of the bank’s policies, internal culture and
efficiency of its employees. A study conducted by Ekanayake and Azeez (2015) based on Sri
Lankan banking industry showed that non-performing loans increases when the efficiency of a
bank worsen. In the study of Zelalem (2013), which was conducted on the Ethiopian commercial
banks ROA was used as a proxy for financial performance in other words performance efficiency.
In that study the relationship between NPL and loan to assets ratio of a bank was all examined and
the relationship was shown as negative. Another study related to NPL conducted by Louzis (2012),
showed that the amount of NPLs in Greek banking industry is significantly influenced by both the
management quality of the banks and the macroeconomic forces of the country. Same conclusion
was also drawn by Mehmood (2013) and his study was performed based on 13 commercial banks
of Pakistan and he chose time period from 2003 to 2012 for conducting his study. According to
the study of Eurak (2013) which was based on the banking system of South Europe it was
concluded that high interest rate, economic downturn and high inflation rate are the main reasons
of higher non-performing loans in an economy and the study was also conducted based on 69
banks from ten different countries. Other factors that influence the credit risk of a bank are the
size, performance and solvency of the bank as these factors are influential to the non-performing
loans of the bank.

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 Analysis and Result

The Quantitative Dimension:

Non-performing loan as a proportion of outstanding loan which was 7.2 per cent in 2010, reached
10.7 per cent in September 2017. These numbers, however, understate the magnitude of the
problem because these exclude the amounts rescheduled/ restructured or written off. As of
September 2017, for example, an amount of TK 450 billion (45000 crores) was written off. In
December 2017 non-performing loan ratio fell somewhat to 9.3 per cent . Nevertheless, in absolute
term the amount continued to grow. As of December 2017, the amount was TK 743.03 billion of
74303 crores of which 57 per cent was attributable to state-owned banks. Moreover, the non-
performing loan ratio in Bangladesh is much higher than in our neighboring countries excepting
India and Pakistan.

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Bangladesh’s Non-Performing Loans:

Bangladesh's Non-Performing loans from 2015 to 2018

10.75
10.78
10.67
10.34 10.53
10.25

10.06 10.13
9.92
9.89
9.75
9.67

9.31
9.25 9.23

8.75 8.79
Jul'15 Oct'15 Jan'16 Apr'16 Jul'16 Oct'16 Jan'17 Apr'17 Jul'17 Oct'17 Jan'18

Findings:
We can see that the non-performing loans of Bangladesh don’t change tremendously but it is much
higher than others country excepting India and Pakistan. The rate was 9.67 per cent at July 2015
and it went up to 9.89 per cent but the ratio decreased by one per cent at January 2016.The non-
performing loans of Bangladesh goes up and down. Now the ratio is 10.18 per cent which is highest
for July, 2015 to January 2018.

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Top ten banks with highest default loans in Bangladesh:

Bank Name Default loan (until December 2017)

Sonali Bank 13,771 crore

Janata Bank 5,819 crore
Agrani Bank 5116 crore
Rupali Bank 4,251 crore
Pubali Bank 1,898 crore
National Bank 1611 crore
Islami Bank 2529 crore
Bangladesh Krishi Bank 4,263 crore
United Commercial Bank 1807 crore
Basic Bank 7,599 crore

Findings:
Currently, the state-owned Sonali Bank has the highest amount of default loans, followed by
BASIC, and Janata Bank. Among the private banks, Islami Bank tops the list of banks with the
highest default loans, according to the central bank.

Sonali Bank had accumulated Tk13,771 crores in default loans as of December last year. The
amount of default loans was Tk7,599 crore for BASIC Bank, Tk5,819 crore for Janata Bank,
Tk5,116 crore for Agrani Bank and Tk4,251 crore for Rupali Bank. the state-owned Bangladesh
Krishi Bank has Tk4,263 crore.

Among the private banks, Islami Bank has total default loans of Tk2,529 crore. Pubali Bank has
the second highest at Tk1,898 crore, while United Commercial Bank has Tk1,807 crores, National
Bank has Tk1,611 crores.

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Look At A Glance to other Banks Default Loans:
1. Bangladesh Development Bank has a total of Tk771 crore in default loans.
2. Rajshahi Unnayan Bank has Tk1,162
crore.
3. Exim Bank has Tk1,340 crore.
4. AB Bank had default loans of Tk967
crore.
5. Al-Arafah Islami Bank Tk992 crore.
6. Bangladesh Commerce Bank Tk434
crore.
7. Bank Asia Tk723 crore.
8. BRAC Bank Tk721 crore.
9. Dhaka Bank Tk761 crore.
10. Dutch-Bangla Bank Tk962 crore.
11. Eastern Bank Tk325 crore.
12. First Security Islami Bank had Tk839
crore.
13. ICB Islami Bank Tk707 crore.
14. IFIC Bank Tk1,048 crore.
15. Jamuna Bank Tk525 crore.
16. Meghna Bank Tk93 crore.
17. Mercantile Bank Tk693 crore.
18. Midland Bank Tk43 crore.
19. Madhumati Bank Tk8 crore.
20. The amount is Tk495 crore for
Mutual Trust Bank.
21. Tk662 crore for NCC Bank.
22. Tk55 crore for NRB Bank.
23. Tk77 crore for NRB Commercial
Bank.
24. Tk61 crore for NRB Global Bank.
25. One Bank has Tk829 crore.
26. Premiere Bank Tk561 crore
27. Prime Bank Tk926 crore and
28. Shahjalal Islami Bank has default
loan of Tk630 crore.
29. SIBL stands at Tk909 crore.
30. South Bangla Agriculture Bank has
default loans of Tk30 crore,
31. Southeast Bank Tk1,131 crore,
32. Standard Bank Tk935 crore,
33. City Bank Tk1,001 crore,
34. Farmers Bank Tk723 crore,
35. Trust Bank Tk578 crore,
36. Union Bank Tk57 crore.
37. Uttara Bank Tk695 crore.
38. Al-Falah Bank Tk25 crore.
39. Citibank NA Tk22 crore.
40. Commercial Bank of Ceylon Tk32
crore.
41. Habib Bank Tk42 crore.
42. HSBC Bank Tk157 crore.
43. National Bank of Pakistan Tk1,377
crore.
44. Standard Chartered Bank Tk474
crore.
45. State Bank of India Tk15 crore.
46. Woori Bank Tk7 crore.
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35
The Position of non-performing loans of different countries at different
time

30
28.7
28

25

20

16.7
15.8
15
14.7

12.4
10.8

10 9.3 9.3 9.5

8.3 8.4
7.5
7.1
6.1

5
3
2.3 2.5 2.6 2.5 2.5 2.4
1.8 1.7 1.6 1.6 1.5
0.9

0
Bangladesh India Pakistan china Srilangka Nepal Malasia

Last Ratio Previous Ratio Minimum Ratio Maximum Ratio

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Findings:
2003 - 2018 | Quarterly | % | Bangladesh

Bangladesh's Non Performing Loans Ratio stood at 10.8 % in Mar 2018, compared with the ratio
of 9.3 % in the previous quarter. Bangladesh's Non Performing Loans Ratio data is updated
quarterly, available from Mar 2003 to Mar 2018. The data reached an all-time high of 28.0 % in
Mar 2003 and a record low of 6.1 % in Dec 2011.

1998 - 2017 | Yearly | % | India

India's Non Performing Loans Ratio stood at 9.3 % in Mar 2017, compared with the ratio of 7.5
% in the previous year. India's Non Performing Loans Ratio data is updated yearly, available
from Mar 1998 to Mar 2017. The data reached an all-time high of 14.7 % in Mar 1999 and a
record low of 2.3 % in Mar 2011. Reserve Bank of India provides yearly Non Performing Loans
Ratio. Non-Performing Loans are defined as loans overdue for more than 90 days.

2006 - 2018 | Quarterly | % | Pakistan

Pakistan's Non Performing Loans Ratio stood at 8.3 % in Mar 2018, compared with the ratio of
8.4 % in the previous quarter. Pakistan's Non Performing Loans Ratio data is updated quarterly,
available from Mar 2006 to Mar 2018. The data reached an all-time high of 16.7 % in Sep 2011
and a record low of 7.1 % in Jun 2007.

2005 - 2018 | Quarterly | % | China

China's Non Performing Loans Ratio stood at 1.8 % in Mar 2018, compared with the ratio of 1.7
% in the previous quarter. China's Non Performing Loans Ratio data is updated quarterly, available
from Mar 2005 to Mar 2018. The data reached an all-time high of 12.4 % in Mar 2005 and a record
low of 0.9 % in Sep 2011. China Banking and Insurance Regulatory Commission provides
quarterly Non Performing Loan Ratio. Non-Performing Loan Ratio is defined as Non-Performing
Loan divided by Total Loan.

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 1998 - 2017 | Yearly | % | Sri Lanka

Sri Lanka's Non Performing Loans Ratio stood at 2.5 % in Dec 2017, compared with the ratio of
2.6 % in the previous year. Sri Lanka's Non Performing Loans Ratio data is updated yearly,
available from Dec 1998 to Dec 2017. The data reached an all-time high of 15.8 % in Dec 1999
and a record low of 2.5 % in Dec 2017. The Central Bank of Sri Lanka provides annual Non
Performing Loans Ratio. Non-Performing Loans are defined as loans overdue for more than 90
days.

2003 - 2015 | Yearly | % | Nepal

Nepal's Non-Performing Loans Ratio stood at 2.5 % in Jul 2015, compared with the ratio of 3.0 %
in the previous year. Nepal's Non-Performing Loans Ratio data is updated yearly, available from
Jul 2003 to Jul 2015. The data reached an all-time high of 28.7 % in Jul 2003 and a record low of
2.4 % in Jul 2010. Nepal Rastra Bank provides annual Non-Performing Loans Ratio. Non-
Performing Loans are defined as loans overdue for more than 90 days.

2005 – 2018 | Monthly | % | Malaysia

Malaysia's Non Performing Loans Ratio stood at 1.6 % in May 2018, compared with the ratio of
1.6 % in the previous month. Malaysia's Non Performing Loans Ratio data is updated monthly,
available from Dec 2005 to May 2018. The data reached an all-time high of 9.5 % in Feb 2006 and
a record low of 1.5 % in Jan 2018. Non-Performing Loans Ratio is calculated by CEIC. Bank
Negara Malaysia provides raw data on Non-Performing Loan and Total Loans. Non-Performing
Loans are defined as loans overdue for more than 90 days.

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 The Underlying Causes:
Our research, experts, chat, and graphs indicate the causes underlying non-performing loans. Two
qualifications should be noted here. First, the discussion gives a general picture. All the causes are
not necessarily relevant to all banks. Second, there is no pretention of assessing the relative
importance of the various causes. More in-depth micro-level research is required in these respects.

i. Incompetence of bank personnel: The incompetence of the bank personnel is reflected in

several ways. The collaterals are improperly valued. The potential cash flows from the
projects for which loans are given are not accurately assessed. Future revenue potentials of
the borrowing companies in light of emerging domestic and external economic
circumstances are not evaluated. There are sometimes mismatches between the loan
maturity period and the time by which a project is expected to generate revenues. As a
result, the borrowers who do not deserve loans are actually given loans and they fail to
honor the terms of repayment. Appropriate follow-up with defaulters is often lacking.
ii. Poor governance: There are many indications of poor governance. Banks frequently
engage in related lending. That means that loans are given to friends, relatives or politically
connected people irrespective of the merit of their loan proposals. The choice of Board
Members is not based on relevant qualifications. Audit Committees do not function
independently. Risk Management Committees may be either nonexistent or do not function
effectively. Board members are more concerned with approving specific loans or
rescheduling/restructuring loans for favor people. There are also allegations of corruption
against both Board Members and senior employees.
iii. Political influence: In many cases, loans are sanctioned in consequence of political
influence. Rescheduling/restructuring decisions are also influenced by political
considerations. The beneficiaries of such political influence frequently turn out to be
perpetual defaulters. This problem is particularly acute for state-owned banks.
iv. Ineffective judicial system: Thousands and thousands of cases are stuck up in the loan
recovery courts. Many large defaulters manage to get stay orders from superior courts. As
a result, recovery actions cannot be effectively implemented in a timely manner. This

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 encourages borrowers to continue to default on new as well as rescheduled/restructured
loans, fortified by a sense of impunity.
v. Miscellaneous causes: Among the other factors cited by analysts are the ineffective
enforcement of prudential norms by the central bank, its inability to initiate preventive
actions, the existence of too many banks which detracts for the economies of scale and
sometimes leads to unhealthy practices, and directed lending for some specific purposes at
preferential interest rates.

SOME ADVERSE CONSEQUENCES OF

LOAN DEFAULT:

(I) People's confidence in banking system may become shaky leading to slowdown of
growth of deposit to the detriment of the intermediation function of the system.
(II) The recent slowdown in the deposit growth in Bangladesh may be partly due to
continuing high levels of defaults.
(III) Bank's income generation is unfavorably affected by defaults.
(IV) Banks tend to charge higher interest rates on new loans to compensate for the loss of
income from defaulted loans.
(V) The high interest rates can adversely affect the competitiveness of the borrowing
enterprises and aggravate default.
(VI) The banks have to maintain larger provisions affecting their lending capacity.
(VII) In some cases, they may fail to meet capital adequacy requirements and may engage in
aggressive lending to undeserving borrowers.

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 Recommendations
The causes cited above intrinsically suggest remedial actions for the future. A few are mentioned
below without any claim to being exhaustive.

i. The analytical competence: The analytical competence of the bank staff has to be
improved. They have to more skilled in assessing viability of the projects for which
loans are sought, valuation of the collaterals, monitoring utilization of funds and
maintain dialogue with the borrowers.
ii. Sound corporate governance: sound corporate governance of banks has to be ensured.
The functions of the Boards and the Management staff have to be clearly specified. The
boards should refrain from interfering in the functions supposed to be performed by the
staff. The practice of related lending should be totally avoided. The Audit Committees
and Risk Management Committees should be allowed to function autonomously.
iii. Law must be up dated: The disposal of cases stuck up in courts has to be expedited.
The Central Bank, the Finance Ministry and Attorney General's office should jointly
seek help from the Honorable Chief Justice to achieve this objective.
iv. Protect political pressure: There has to be a strong commitment by the political
authorities to deal with the problem. There should be no political intervention in
approval of loans, rescheduling/ restructuring and initiation of timely legal actions.
v. The role of Central bank: the Central Bank should make honest self-assessment of the
effectiveness of its role as the designated guardian of the banking system. Such
assessment should look into the number, the qualifications and professional
competence of its staff, examine the legal loopholes which might constraint the exercise
of its due role and take initiatives for appropriate remedies.

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 Conclusion

NPLs are closely related to the operational efficiency of banks so in order to ensure smooth
operations of a banking industry it is necessary to identify the factors that influence the gross
amount of NPLs in a certain time period. This study has mainly been conducted as a summary
form by analyzing previous studies related to the NPLs of different country’s banking industry.
Mainly quantitative research approach has been followed for completing and concluding the study
on non-performing loans of Bangladeshi banking industry. From the study it can be concluded that
the state-owned commercial banks in Bangladesh have higher NPLs ratios compared to those of
the private commercial banks and so it can be clearly stated that private commercial banks are
more efficient in controlling their NPLs and they have less bad loans because of their strict
compliance of credit policies. The most influential factors that are contribute to the changes in the
Gross NPLs of banks in Bangladesh include GDP Growth, Unemployment, Loans to assets ratio,
and performance efficiency as their calculated P-values after controlling the heteroscedasticity is
less than 5%. Moreover performance efficiency is the most influential one as it has been got from
all types of regression models so it can be said that banks should try to increase their performance
efficiency in other words should try to increase their ROA in order to reduce non-performing loan
and to achieve growth.

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 References

 Assessing the Impact of Non-Performing Loans on Economic

Growth in Turkey. (2017). American Research Journal of Business
management.
 En.wikipedia.org. (2018). Non-performing loan. [online] Available
at: https://en.wikipedia.org/wiki/Non-performing_loan [Accessed 3
Aug. 2018].
 Rifat, A. (2017). An Analytical Study of Determinants of Non-
Performing Loans: Evidence from Non-Bank Financial Institutions
(NBFIs) of Bangladesh. Journal of Business and Technology
(Dhaka), 11(1), p.55.
 Vianelli, A. and Di Maio, D. (2017). Non-Performing Loans Nel
Panorama Italiano Ed Europeo: UnnAnalisi Economico Giuridica
(The European and Italian Non Performing Loans Framework:
Legal and Economic Considerations). SSRN Electronic Journal.
 Dr. Mirza Azizul Islam is a former Adviser (Cabinet Minister) to the
Caretaker Government, Ministries of Finance and Planning and
presently a Professor at BRAC University.

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