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SBI posts 3rd straight quarterly loss at Rs 48.76 bn, bad loan ratio drops

Reuters/ 10 Aug 18 | 02:33 PM

FILE PHOTO The State Bank of India (SBI) office building is pictured in Kolkata, India | Photo: Reuters

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.

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SBI's third consecutive quarterly net loss came in at Rs 48.76 billion ($707.28 million) for the three months to June 30, compared with a profit of Rs 20.06 billion a year ago, and a record loss of Rs 77.18 billion in the March quarter.

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

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

($1 = 68.9400 Indian rupees)

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