Our Special CorrespondentMumbai: The State Bank of India (SBI) has reported a record fourth-quarter net loss of Rs 7,718 crore as the provisions for bad loans climbed. The bank had registered a net profit of Rs 2,815 crore in the same quarter a year ago. Loan loss provisions at the country's largest bank jumped to Rs 24,080 crore compared with Rs 17,760 crore in the preceding quarter and Rs 19,323 crore in the year-ago period. This came after gross non-performing assets (NPAs) rose to Rs 2,23,427 crore compared with Rs 1,99,141 crore on a sequential basis. Speaking to reporters on Tuesday, SBI chairman Rajnish Kumar said apart from higher provisions, the record loss was on account of lower trading income and higher mark-to-market (MTM) loss, following rising bond yields and higher provisions on account of wage revision and enhancement in gratuity ceiling.

Source: The Telegraph May 22, 2018 19:41 UTC