State Bank of India Swings to Net Loss

02/09/18 08:19 AM EST

By Debiprasad Nayak

MUMBAI--State Bank of India swung to a net loss last quarter as it set aside more money for bad loans.

India's biggest lender 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 last 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.

Write to Debiprasad Nayak at

(END) Dow Jones Newswires

February 09, 2018 08:19 ET (13:19 GMT)

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