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State Bank of India posts fiscal Q1 net loss on higher provisions, expenses

State Bank of India reported a net loss for the quarter ended June 30 on the back of higher provisions and contingencies and operating expenses.

The state-owned bank reported fiscal first-quarter consolidated net loss after minority interest of 42.30 billion rupees, or a loss of 4.74 rupees per share, compared to a net profit of 30.32 billion rupees, or 3.70 rupees per share.

The S&P Global Market Intelligence consensus normalized estimate for the fiscal first quarter was a loss of 1.26 rupees.

Interest earned rose to 612.01 billion rupees for the fiscal first quarter, up from 568.18 billion rupees in the year-ago period. The bank's provisions and contingencies more than doubled to 194.99 billion rupees from 90.51 billion rupees in the prior-year period.

Operating profit amounted to 134.34 billion rupees, up from 134.17 billion rupees in the quarter ended June 30, 2017.

The bank said its stand-alone gross NPA ratio was 10.69% as of June 30, compared to 10.91% in the previous quarter 9.97% a year earlier. Its stand-alone net NPA ratio was 5.29%, compared to 5.73% as of March 31 and 5.97% as of June 30, 2017.

State Bank of India's stand-alone capital adequacy ratio came in at 12.83% at June-end, up from 12.60% at the end of March but down from 13.31% at the end of June 2017.

As of Aug. 9, US$1 was equivalent to 68.76 Indian rupees.