State Bank of India posts $1.1bln fourth-quarter loss, misses estimates

Gross bad loans as a percentage of total loans rose to 10.91 percent

Vishal Sridhar, Reuters News

May 22, 2018

State Bank of India (SBI) posted a fourth-quarter net loss of 77.18 billion rupees ($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 12.85 billion rupees on average by 16 analysts, according to Thomson Reuters data.

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

($1 = 68.0350 Indian rupees)

(Reporting by Vishal Sridhar in BENGALURUEditing by Christopher Cushing)