 "Banking shares under pressure; Bank Nifty down over 250 points")
Banking shares are under pressure falling by up to 7% in late noon deals on the National Stock Exchange (NSE).
The frontline banking stocks such as ICICI Bank, State Bank of India (SBI), Punjab National Bank, Bank of India, Axis Bank and Canara Bank are down 2% each.
The NSE banking share index Bank Nifty, the largest loser among sectoral indices, is down 1.75% or 268 points at 15,025 compared to 0.84% fall in benchmark CNX Nifty at 1515 hours.
IDBI Bank, the largest loser among banking shares, has dipped 7% to Rs 85 on NSE after reporting a sharp 66% year-on-year (yoy) drop in net profit at Rs 105 crore for the first quarter (April-June) of current fiscal, due to lower net interest income (NII) and other income. The public sector lender had a profit of Rs 307 crore in the same quarter last year.
Net interest income of the bank during the quarter under review fallen 15% to Rs 1,250 crore as against Rs 1,475 crore in the year-ago period. Other income declined 30% to Rs 500 crore on yoy basis.
The percentage of gross non-performing assets (NPA) increased to 5.64% in June 2014 quarter compared with 4.33% last year, while net NPA increased to 2.87% from 2.16%.
The frontline banking stocks such as ICICI Bank, State Bank of India (SBI), Punjab National Bank, Bank of India, Axis Bank and Canara Bank are down 2% each.
The NSE banking share index Bank Nifty, the largest loser among sectoral indices, is down 1.75% or 268 points at 15,025 compared to 0.84% fall in benchmark CNX Nifty at 1515 hours.
IDBI Bank, the largest loser among banking shares, has dipped 7% to Rs 85 on NSE after reporting a sharp 66% year-on-year (yoy) drop in net profit at Rs 105 crore for the first quarter (April-June) of current fiscal, due to lower net interest income (NII) and other income. The public sector lender had a profit of Rs 307 crore in the same quarter last year.
Net interest income of the bank during the quarter under review fallen 15% to Rs 1,250 crore as against Rs 1,475 crore in the year-ago period. Other income declined 30% to Rs 500 crore on yoy basis.
The percentage of gross non-performing assets (NPA) increased to 5.64% in June 2014 quarter compared with 4.33% last year, while net NPA increased to 2.87% from 2.16%.
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