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State Bank of India first-quarter results weighed down by subsidiary bank mergers


By Devidutta Tripathy and Tanvi MehtaREUTERS - State Bank of India's first-quarter profit fell short of expectations as the nation's top lender by assets saw a spike in bad loans after merging five subsidiary banks with itself, sending its shares more than 5 percent lower.Indian banks' sour assets have surged in the past year or so after a regulatory crackdown to clean up the sector dominated by state-run lenders. This year, the government gave the central bank greater power to push defaulting borrowers into bankruptcy proceedings.State Bank, under Chairman Arundhati Bhattacharya who has been ...

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First Published: Fri, August 11 2017. 17:38 IST