MUMBAI 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)
Trending On Reuters
With the crucial GDP data scheduled to be announced along with key corporate results, volatility is expected to prevail in the upcoming week. Disappointment on these fronts may push the Nifty down to the 7,200-7,500 range. Once we witness stability and consolidation, investors should increase their exposure, says Ambareesh Baliga. Full article