Canara Bank's healthy Q3 result sparks rally in PSB; index jumps 3%

In Q3FY22, Canara Bank's asset quality improved with its gross non-performing assets (GNPA) ratio reducing to 7.80 per cent, down from 8.42 per cent as at September 2021.

Shares of public sector banks (PSBs) moved higher by up to 5 per cent on the National Stock Exchange (NSE) in Thursday’s intra-day trade after Canara Bank reported a healthy set of numbers for the quarter ended December 2021 (Q3FY22).

At 12:47 pm, the Nifty PSU Bank index, which reflects the performance of the public sector banks, was the top gainer among sectoral indices, was up nearly 3 per cent. In comparison, the Nifty50 index was down 2 per cent, while the Nifty Bank and Nifty Private Bank indices were 1 per cent lower, respectively,  on the NSE.