The consortium of 17 banks, led by State Bank of India, has an outstanding debt of about Rs 7,000 crore from Vijay Mallya's now-grounded Kingfisher Airlines.
Also Read: Bad loans worth Rs 42k cr offered for sale this year: ARCIL
"So far we have recovered Rs 10 crore from Kingfisher Airlines. We had an exposure of Rs 85 crore in the company," Federal Bank Managing Director Shyam Srinivasan said.
The bank expects more to come from the ongoing recovery process of the consortium, he said. The consortium of 17 banks, led by State Bank of India , has an outstanding debt of about Rs 7,000 crore from the now-grounded carrier.
SBI has the maximum exposure, over Rs 1,600 crore, in the Vijay Mallya-led airline. It is followed by Punjab National Bank with Rs 800 crore, IDBI at Rs 800 crore, Bank of India at Rs 650 crore and Bank of Baroda Rs 550 crore.
As part of the recovery process, banks in February last year decided to sell a portion of the collateral with them, including shares of group companies United Spirits and Mangalore Chemicals & Fertilizers, Mallya's Goa villa, Kingfisher House in Mumbai and the Kingfisher brand, which was valued at over Rs 4,000 crore at the time it was pledged.
Srinivasan said the bank is making all efforts to reduce its non-performing assets, or bad loans.
The bank's gross NPA came down to 2.83 percent at the end of the third quarter from 3.85 percent at the end of December 2012. During this period, its net NPA dropped to 0.86 percent from 0.92 percent.
"We expect the current trend of NPA reduction to continue in the current quarter," he said, adding that the bank has been focusing on quality assets to reduce fresh slippage.
Federal Bank stock price
On March 25, 2014, Federal Bank closed at Rs 91.45, down Rs 0.05, or 0.05 percent. The 52-week high of the share was Rs 99.98 and the 52-week low was Rs 44.25.
The company's trailing 12-month (TTM) EPS was at Rs 9.16 per share as per the quarter ended December 2013. The stock's price-to-earnings (P/E) ratio was 9.98. The latest book value of the company is Rs 74.41 per share. At current value, the price-to-book value of the company is 1.23.
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