SBI reports a loss of $10 mn in subprime crisis

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Mumbai, Apr 23: State Bank of India today said that it had incurred a Marked to Market (MTM) loss of USD 10 Million in its investments in the United States due to subprime crisis.

Talking to newsmen on the sidelines of a FICCI Panel discussion on the Indian Economy, SBI Chairman O P Bhatt said that the Bank had already factored the loss in its balance sheet for last fiscal and the impact might not be drastic.

During the discussions he said that SBI had not ventured into any exotic derivatives and the Indian Companies to which, the Bank had intermediated MTM loss could be between Rs 600 and Rs 700 crores. None of the companies had approached the Courts till date against the Bank.

UNI

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