SBI posts Rs 49 bn loss in Q1: One-time provision hit disappoints investors

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The Street was clearly disappointed with State Bank of India (SBI) reporting a net loss of Rs48.8 billion for the June 2018 quarter (Q1), its third quarterly loss in a row. Instead, analysts were expecting a Rs2-3 billion net profit (according to Bloomberg consensus).However, a deeper look indicates the bank is moving in the right direction amid possibilities of some choppiness ahead. SBI’s decision to not avail the Reserve Bank of India’s (RBI’s) dispensation allowing banks to spread their mark-to-market (MTM) losses on the investment portfolio for Q1 equally in four …
Source: Business Standard