State Bank of India posts third-quarter loss

State Bank of India, the nation`s biggest lender by assets, reported a surprise loss of 24.16 billion rupees ($375.10 million) for the three months ended December.

Analysts on average had expected a profit of 20.67 billion rupees, Thomson Reuters Eikon data showed.

Gross bad loans as a percentage of total loans stood at 10.35 percent at end-December, compared with 9.83 percent in the previous quarter.

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($1 = 64.4100 Indian rupees)