Bank of Baroda (BoB) recovered close to Rs 3,200 crore from non-performing loans during the March quarter, including from assets that were upgraded, a senior executive of the bank told FE. As on March 31, the state-owned bank's gross non-performing loans (GNPL) stood at Rs 40,521.04 crore or 9.99% of its total advances. Of total recoveries, around Rs 1,700 crore came from accounts that were upgraded once dues were paid, the banker said. The remaining Rs 1,500 crore came from accounts that remained non-performing. BoB reported a net loss of Rs 3,230.14 crore for the March quarter as it saw provisions rising nearly four times compared with the same quarter a year ago. The rise in provisions was primarily due to the asset quality review conducted by the Reserve Bank of India across the banking sector, following which banks needed to recognise a list of stressed assets as non-performing ones. This resulted in a surge in non-performing loans on the bank's books. In aggregate, GNPLs, as a percentage of total loans, rose by more than 600 basis points over the corresponding quarter last year. Of the total amount recovered from accounts that are still non-performing, more than a third came from the steel industry. \u201cThe government has taken some measures to ensure that imports should not take place. So by the time these companies declare their earnings for the June quarter, the ones operating at 50% of capacity or higher should be EBITDA positive. So we are expecting more recovery from them after June,\u201d the banker said. He added that though there has been some recovery from steel companies' accounts, none of them was upgraded in the quarter gone by.