SBI Posts $1.1 Billion Fourth-Quarter Net Loss

The loss was deeper than the expected loss of Rs 12.85 billion.

Reuters

The loss was deeper than the expected loss of Rs 12.85 billion.

sbi posts 1 1 billion fourth quarter net loss

A man checks his mobile phones in front of State Bank of India (SBI) branch in Kolkata, February 9, 2018. Photo: Reuters/Rupak De Chowdhuri/Files

State Bank of India (SBI) posted a fourth-quarter net loss of Rs 77.18 billion ($1.13 billion) on Tuesday, hurt by higher provisions for bad loans.

The loss for the three months to March 31 was deeper than the expected loss of Rs 12.85 billion on average by 16 analysts, according to Thomson Reuters data.

Gross bad loans as a percentage of total loans rose to 10.91% from 10.35% three months earlier and 6.90% a year prior, the lender said in a statement.

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