State Bank of India (SBI.BO)
18 May 2018
Tue, May 22 2018
MUMBAI State Bank of India (SBI) projected a recovery over the next two years after a record 77.18 billion-rupee ($1.13 billion) fourth-quarter net loss following stricter central bank rules around bad loans, sending its shares to a nearly six-week closing high.
* Shares close end 4 pct higher on hopes bank turns corner (Adds Chairman comment, details on guidance)
Indian shares ended slightly higher on Tuesday, driven by gains in Dr. Reddy's Laboratories Ltd and State Bank of India (SBI) following their quarterly results.
May 22 Indian shares ended slightly higher on Tuesday, driven by gains in Dr. Reddy's Laboratories Ltd and State Bank of India (SBI) following their quarterly results.
** State Bank of India (SBI) surges as much as 6.2 pct to 259.70 rupees, its highest in over a month
* SBI reports loss of $1.13 bln, far beyond analyst estimates
May 22 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.
* CONSENSUS FORECAST FOR MARCH QUARTER STANDALONE LOSS WAS 12.85 BILLION RUPEES
* KEEPS LENDING RATES UNDER MCLR UNCHANGED IN MAY Source text for Eikon: https://bit.ly/2hfLVQS
* SAYS CO DECIDED TO DISCONTINUE THE BANKING FACILITIES / CONSORTIUM WITH STATE BANK OF INDIA