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State Bank of India posts third straight quarterly loss

NEW DELHI/BENGALURU: State Bank of India is confident of returning to profitability from the December quarter onwards as the impact of bad loans eases, its chairman said after the nation’s top lender by assets plunged to its third straight quarter of losses. India’s banks have been plagued by a surge in non-performing loans which hit a record $150 billion at the end of March. Twenty-one lenders led by SBI, in which the Indian government owns a majority stake, accounted for 86 percent of the pile. SBI’s gross…