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SBI posts 3rd straight quarterly loss at Rs 48.76 bn, bad loan ratio drops

Gross bad loans as a percentage of total loans stood at 10.69 per cent from 10.91 per cent in the previous quarter and 9.97 per cent last year

State Bank of India
FILE PHOTO The State Bank of India (SBI) office building is pictured in Kolkata, India | Photo: 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 Rs 48.76 billion ($707.28 million) for the three months to June 30, compared with a profit of Rs 20.06 billion a year ago, and a record loss of Rs 77.18 billion in the March quarter.

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

Gross bad loans as a percentage of total loans stood at 10.69 per cent from 10.91 per cent in the previous quarter and 9.97 per cent last year.

($1 = 68.9400 Indian rupees)