August 10, 2018 / 8:47 AM / a month ago

State Bank of India posts third straight quarterly loss

Aug 10 (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.

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

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

Gross bad loans as a percentage of total loans stood at 10.69 percent from 10.91 percent in the previous quarter and 9.97 percent last year. ($1 = 68.9400 Indian rupees) (Reporting by Chris Thomas in Bengaluru Editing by Manolo Serapio Jr.)

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