SBI does not expect to recover much from Kingfisher collateral sale

MUMBAI Thu Feb 14, 2013 3:48pm IST

Customers stand at a Kingfisher Airlines reservation office at the domestic airport in Mumbai, February 16, 2012. REUTERS/Vivek Prakash/Files

Customers stand at a Kingfisher Airlines reservation office at the domestic airport in Mumbai, February 16, 2012.

Credit: Reuters/Vivek Prakash/Files

Related Topics

Stocks

   

MUMBAI (Reuters) - State Bank of India (SBI), the country's biggest lender, does not expect to recover much from the sale of collateral held by Kingfisher Airlines (KING.NS), its chairman told reporters on Thursday.

The consortium of Kingfisher's lenders, lead by SBI, expects to get at least 10 billion rupees through the sale of share and property pledged against loans taken by the grounded airline, said SBI Chairman Pratip Chaudhri.

The lender, earlier on Thursday, posted a 4 percent rise in quarterly net profit, its smallest increase in six quarters, as higher provisions for bad loans and slower loan demand in a sluggish economy hurt growth.

(Reporting by Swati Pandey; Editing by Anupama Dwivedi)

FILED UNDER:

Reuters Showcase

Markets Weekahead

Markets Weekahead

Column - Caution advised in a trader’s market  Full Article 

Reuters Poll

Reuters Poll

RBI seen holding rates steady on Tuesday, minority of analysts expect cut  Full Article 

GDP Revised

GDP Revised

Economic growth revised up by almost 50 percent  Full Article 

Australian Open

Australian Open

Hingis wins Australian Open mixed doubles title with Paes   Full Article 

Houston's Daughter

Houston's Daughter

Bobbi Kristina Brown revived after found unresponsive in tub  Full Article 

India Art Fair

India Art Fair

Art fair turns India's capital into art hub.  Full Article 

Movie Review

Movie Review

"Rahasya" is an ode to Agatha Christie.  Full Article 

Review: Hawaizaada

Review: Hawaizaada

Movie Review: Hawaizaada  Full Article | Related Story 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device  Full Coverage