State Bank of India Posts Net Loss
By Debiprasad Nayak
MUMBAI--State Bank of India posted a net loss last quarter as it set aside more money for bad loans.
India's biggest lender on Friday reported a net loss of 24.16 billion rupees ($375 million) during the three months ended Dec. 31 compared with a profit of 26.10 billion rupees a year ago. Analysts polled by Thomson Reuters estimated a profit of 20.67 billion rupees for the quarter.
The lender set aside 177.60 billion rupees during the period, which was more than double the 72.45 billion rupees from a year ago, as its gross bad loans jumped to 10.35% of total loans.
Indian banks have been facing growing bad-loan problems after large-scale defaults from companies in the metals, energy and infrastructure sectors.
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(END) Dow Jones Newswires
February 09, 2018 08:19 ET (13:19 GMT)Copyright (c) 2018 Dow Jones & Company, Inc.