NEW DELHI, May 22 (Xinhua) -- India's largest public sector bank on Tuesday reported loss of around 1.1 billion U.S. dollars in the January-March quarter, the higest-ever loss recorded.
The loss by State Bank of India (SBI) was due to the provisions made for losses in its bond portfolio and for bad loans, but was deeper than what market analysts had expected.
"Let me confirm that the recognition (of bad loans) is completed," SBI chief Rajnish Kumar told the media after the results were announced.
"Our capital position is also strong," he added.
Shares of SBI shot up from the day's low at India's benchmark equity index Sensex, following the announcement of the bank chief.
SBI is one of the world's biggest corporations and is the largest bank in India with a 23 percent market share in assets.