- State Bank of India, India’s largest lender, reported a loss of Rs 2,416.37 crore in third-quarter of 2017-18 financial year.
- This is the highest quarterly loss State Bank of India has reported since January-March 1999, when it recorded a loss of Rs. 115 crore.
- The current loss was due to a rise in bad loans and depreciation on bond investments.
- SBI had reported a Rs 2,610-crore profit in the same period (Oct-Dec) of the previous financial year.
- Althouth SBI’s numbers can not be campared with previous year since SBI had merged five of its subsidiaries in April 2017.
- Provisioning burden of the bank was Rs. 18,876 crore. Provisioning is the activity of keeping an amount of money available to be used in case of a possible future loss or debt of the banks.
