SBI slips on weak Q1 net interest income

Net interest income for June 2015 was lower at Rs 13,732 crore compared with analysts estimate of Rs 15,344 crore

Shares of State Bank of India were down over 2% at Rs 277 after the state-owned banking major reported lower-than-expected net interest income while rising non-performing assets also weighed on sentiment.

The bank reported a net interest income of Rs 13,732 crore in the quarter ended June 30, 2015 compared to analysts estimate of Rs 15,344 crore.

Further, gross non-performing assets were higher at 4.29% in the qurter compared with 4.25% in the previous quarter. Net non-performing assets also rose 2.24% during June 2015 quarter compared with 2.12% in the previous quarter.

The stock opened at Rs 286 and touched a low of Rs 275. At 12:53PM, over 19 million shares were traded on both the stock exchanges.