SBI made a net loss of Rs 2,416 crore for the three months ended December 31, versus a profit of 18.20 billion rupees a year earlier. http://bit.ly/2EsKGIp
Analysts on average had expected a profit of Rs 2,067 crore, Thomson Reuters Eikon data showed.
Bad loans have nearly doubled in the banking sector in the past four years as a prolonged economic slowdown took its toll on the ability of companies to repay debt. The 21 state-run banks accounted for the bulk of the Rs 9.46 lakh crore ($147 billion) worth of stressed loans as of end-September.
SBI's bad loans have risen also because of its merger with its five subsidiary banks earlier in 2017. The year-ago numbers have been restated after the merger.
State-run Bank of Baroda Ltd, the country's fifth-largest bank, also reported results on Friday and said third-quarter net profit more than halved after a surge in its provisions for bad loans.
Three other state-run banks - Central Bank of India Ltd, Syndicate Bank Ltd and UCO Bank - which also reported on Friday, made losses for the quarter and their bad-loan ratios also widened.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
Follow NDTV for latest election news and live coverage of assembly elections 2019 in Maharashtra and Haryana.
Subscribe to our YouTube channel, like us on Facebook or follow us on Twitter and Instagram for latest news and live news updates.