State Bank of India (SBI), the country’s biggest lender, reported a loss of Rs. 7,718 crore in the January-March quarter, hurt by higher provisions for bad loans. The loss for the three months to March 31 was deeper than the expected Rs. 1,285 crore on average by 16 analysts, according to Thomson Reuters data.
SBI shares rallied after the results were announced. Shares were up 5% at Rs. 256 in afternoon trade. Gross bad loans as a percentage of total loans rose to 10.91% from 10.35% three months earlier and 6.90% a year prior.
Source- DD News
Static/Current Takeaways Important for NABARD Grade-A Exam 2018-
- SBI Chairman- Rajnish Kumar, Headquarters- Mumbai, Established on- 01st July 1955.