SBI posts Rs 24.16 billion quarterly loss for first time in nearly 19 years
Posted on:10 Feb 2018 09:57:01
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10 February 2018 Current Affairs: State Bank of India (SBI), the country’s largest bank, posted a quarterly loss for the first time in nearly 19 years - of Rs 24.16 billion in the December quarter of 2017-18 - owing to a sizeable increase in provisioning for bad loans.
This came after the Reserve Bank of India (RBI) asked the lender to reclassify some corporate loans as non-performing assets (NPAs).
The bank had reported a standalone profit of Rs. 2,610 crore in the corresponding quarter last fiscal.
SBI is planning to raise about Rs 200 billion in the next financial year (2018-19) to support credit growth.
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