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SBI dips ahead of Q1 results

Analyst expects, net interest income (NII) to grow by 22% on year-on-year (yoy) basis led by 14% growth in advances

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State Bank of India () has slipped 5% to Rs 1,965 ahead of its Q1 results tomorrow on worries over lower net interest margins.

Analyst expects, net interest income (NII) to grow by 22% on year-on-year (yoy) basis led by 14% growth in advances, even as net interest margin (NIM) contract slightly by 5 basis points (bps) to 3.5% for the first quarter ended June 30, 2012.

According to market reports, traders cited market concerns about the lender's NIM and expressed worries SBI would post a rise in non-performing loans in the April-June quarter.

The stock opened at Rs 2,067 and hit a high of Rs 2,081 before falling about 6% from day’s high on the NSE. A combined 4.81 million shares have changed hands on the counter so far on both the exchanges.

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