State Bank of India (SBI) is trading lower by nearly 3% at Rs 1,618 on ahead of April-June (Q1) quarter earnings today.
The stock opened at Rs 1,667 and hit a low of Rs 1,599, its lowest level since December 2011 on the Bombay Stock Exchange (BSE).
A combined 2.13 million shares changed hands on the counter till noon on deals on the BSE and NSE.
Analyst at Angel Broking expects the net profit of the bank for the quarter ended June to remain largely flat year-on-year (yoy) at Rs 3,740 crore.
The bank is expected to report Net interest income (NII) growth of 3.2% yoy to Rs 11,477 crore, while non-interest income is expected to increase by 10.8% yoy to Rs 3,875 crore.
Recent macro developments amidst an overall weak economic environment, clearly suggests that the asset quality pressures for the banking sector are unlikely to abate as quickly as was expected earlier, say analysst in a results preview note.
The stock opened at Rs 1,667 and hit a low of Rs 1,599, its lowest level since December 2011 on the Bombay Stock Exchange (BSE).
A combined 2.13 million shares changed hands on the counter till noon on deals on the BSE and NSE.
Analyst at Angel Broking expects the net profit of the bank for the quarter ended June to remain largely flat year-on-year (yoy) at Rs 3,740 crore.
The bank is expected to report Net interest income (NII) growth of 3.2% yoy to Rs 11,477 crore, while non-interest income is expected to increase by 10.8% yoy to Rs 3,875 crore.
Recent macro developments amidst an overall weak economic environment, clearly suggests that the asset quality pressures for the banking sector are unlikely to abate as quickly as was expected earlier, say analysst in a results preview note.
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