2-9-18 8:19 AM EST | Email Article

By Debiprasad Nayak

MUMBAI--State Bank of India swung to a net loss last quarter as it set aside more money for bad loans.

India's biggest lender reported a net loss of 24.16 billion rupees ($375 million) during the three months ended Dec. 31, compared with a profit of 26.10 billion rupees a year ago. Analysts polled by Thomson Reuters estimated a profit of 20.67 billion rupees for the last quarter.

The lender set aside 177.60 billion rupees during the period, which was more than double the 72.45 billion rupees from a year ago as its gross bad loans jumped to 10.35% of total loans.

Indian banks have been facing growing bad loan problems after large scale defaults from companies in the metals, energy and infrastructure sectors.

Write to Debiprasad Nayak at debiprasad.nayak@wsj.com

(END) Dow Jones Newswires

February 09, 2018 08:19 ET (13:19 GMT)

Copyright (c) 2018 Dow Jones & Company, Inc.
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