SBI does not expect to recover much from Kingfisher collateral sale
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)
- Tweet this
- Share this
- Digg this
- Ukraine says pro-Russia rebels shoot down two fighter jets
- U.N.'s Pillay says Israel may be committing war crimes
- South Korea ferry fugitive hid behind cabin wall, bags of cash at hand
- China's Xiaomi hopes Mi 4 smartphone can take on Apple
- Jet Airways chairman says looking to restructure debts, talking to bankers
India will not support a trade facilitation protocol ahead of a July 31 deadline unless its concerns about subsidies are met, two senior government officials said on Wednesday, sticking to a hard line critics say could derail a landmark global trade deal. Full Article
Bullish on Indian equities, but gains seen 'less sharp'- Goldman Sachs Full Article
Jet Airways chairman says looking to restructure debts, talking to bankers Full Article
Honda's India unit to account for 25 pct of Asia Pacific sales by March 2017 - exec Full Article
Five held in China food scandal probe, including head of Shanghai Husi Food Full Article