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SBI does not expect to recover much from Kingfisher collateral sale
Customers stand at a Kingfisher Airlines reservation office at the domestic airport in Mumbai, February 16, 2012.
Credit: Reuters/Vivek Prakash/Files
MUMBAI |
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)
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