Banks gain; Nifty Bank index up 2%

IndusInd Bank, South Indian Bank, YES Bank, Federal Bank, BOB, SBI and ICICI Bank were up 2% to 6%.

Bank shares were in focus and trading higher by up to 5% on the bourses after banking major IndusInd Bank reported strong set of numbers in December quarter despite demonetisation of high-value currency notes.

IndusInd Bank, the largest gainer among banking stocks, has rallied 6% to Rs 1,231 on the National Stock Exchange (NSE) after reporting a healthy 29% year on year (YoY) growth in net profit at Rs 751 crore in Q3FY17 against Rs 581 crore in the same quarter last fiscal.

South Indian Bank was up 5% to Rs 21.85 after the bank on Wednesday reported 9.6% YoY rise in net profit at Rs 111 crore in Q3FY17.

The bank’s assets quality remained stable on sequential basis. The gross non-performing assets (GNPAs) increased marginally to 3.98% of advances from 3.96% in the previous quarter. The net NPAs were down to 2.52% from 2.77% in September quarter.

At 01:13 pm; Nifty Bank, the second largest gainer among sectoral indices after Nifty Metal, up 2% as compared to 0.92% rise in the benchmark Nifty 50 index. Nifty Private Bank and Nifty PSU Bank index were up 2.21% and 2.16%, respectively.

YES Bank, Federal Bank, Bank of Baroda, Canara Bank, Bank of India, State Bank of India (SBI),  ICICI Bank, Dhanlaxmi Bank and Kotak Mahindra Bank were up 2% to 6%.

BANK	LATEST	PREV CLOSE	GAIN(%)
DHANLAXMI BANK	25.35	23.60	7.42
INDUSIND BANK	1226.50	1160.70	5.67
ORIENTAL BANK	116.00	111.35	4.18
FEDERAL BANK	72.80	69.90	4.15
YES BANK	1315.60	1264.60	4.03
INDIAN BANK	244.60	235.40	3.91
UNION BANK (I)	136.15	131.25	3.73
BANK OF BARODA	158.35	152.95	3.53
SOUTH IND.BANK	21.60	20.90	3.35
PUNJAB NATL.BANK	123.35	119.40	3.31
CANARA BANK	277.00	268.70	3.09
ALLAHABAD BANK	66.00	64.10	2.96
J & K BANK	61.10	59.45	2.78
SYNDICATE BANK	65.75	64.00	2.73
CORPORATION BANK	43.10	42.00	2.62
BANK OF INDIA	114.00	111.25	2.47
KOTAK MAH. BANK	730.00	712.65	2.43
RBL BANK	371.20	362.50	2.40
ANDHRA BANK	49.80	48.65	2.36
IDFC BANK	63.20	61.85	2.18
PUN. & SIND BANK	49.50	48.50	2.06
KARUR VYSYA BANK	84.95	83.25	2.04
DENA BANK	35.05	34.35	2.04
I O B	25.10	24.60	2.03
S B T	533.90	523.55	1.98
UCO BANK	34.30	33.65	1.93
UNITED BANK (I)	21.10	20.70	1.93
KARNATAKA BANK	120.20	117.95	1.91
AXIS BANK	455.75	447.35	1.88
ICICI BANK	264.75	260.20	1.75
BANK OF MAHA	29.55	29.05	1.72
ST BK OF MYSORE	533.40	524.45	1.71
IDBI BANK	74.70	73.45	1.70
DCB BANK	115.15	113.30	1.63
ST BK OF INDIA	252.30	248.30	1.61
ST BK OF BIKANER	681.00	670.85	1.51
CENTRAL BANK	84.35	83.20	1.38
VIJAYA BANK	51.85	51.15	1.37
LAK. VILAS BANK	137.35	135.90	1.07
HDFC BANK	1227.20	1214.35	1.06