State Bank of India posts third straight quarterly loss

SBI's third consecutive quarterly net loss came in at 48.76 billion rupees for the three months to June 30, compared with a profit of 20.06 billion rupees a year ago.

By: Reuters | Published: August 10, 2018 2:26:49 pm
State Bank of India posts third straight quarterly loss State Bank of India (SBI) reported a bigger-than-expected quarterly loss on Friday (File Photo)

State Bank of India (SBI) reported a bigger-than-expected quarterly loss on Friday, as the country’s biggest lender by assets made higher provisions for treasury losses. SBI’s third consecutive quarterly net loss came in at 48.76 billion rupees ($707.28 million) for the three months to June 30, compared with a profit of 20.06 billion rupees a year ago, and a record loss of 77.18 billion rupees in the March quarter.

The latest loss was much larger than analysts’ estimates of 1.71 billion rupees, according to Thomson Reuters I/B/E/S.

Gross bad loans as a percentage of total loans stood at 10.69 percent from 10.91 percent in the previous quarter and 9.97 percent last year.

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