State Bank of India to restructure up to $1 billion debt in three to four months

KOLKATA Thu May 23, 2013 7:54am EDT

People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009. REUTERS/Arko Datta

People walk in front of a signboard displayed at the head office of State Bank of India in Mumbai November 9, 2009.

Credit: Reuters/Arko Datta

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KOLKATA (Reuters) - State Bank Of India (SBI.NS), the country's largest lender, expects to restructure 50 billion to 60 billion rupees ($0.9-$1.08 billion) of debt in the next three to four months, Chairman Pratip Chaudhuri told reporters on Thursday.

It restructured 80.9 billion rupees ($1.46 billion) in loans in the January-March quarter. The bank's total restructured book now stands at 431 billion rupees.

Earlier, SBI posted its first quarterly net profit drop in two years, missing market estimates after being dragged down by lower interest income and higher provisions for loan losses.

($1 = 55.5612 rupees)

(Reporting by Sujoy Dhar; Editing by Anand Basu)

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