 "Banking shares under pressure; Bank Nifty down 1%")
Banking shares are under pressure, declining by upto 8% each on the bourses, as banks that have announced their April-June quarter (Q1) results so far have disappointed the Street.
At 12:17 PM, the NSE's main banking share index the Bank Nifty, was down 1.1% or 213 points at 18,882 compared with a 0.51% decline in CNX Nifty at 8,566.
Karnataka Bank and Federal Bank were down 8% each at Rs 70 and Rs 142 respectively, Oriental Bank of Commerce (down 4% at Rs 173), while Canara Bank, Bank of India, Andhra Bank, Punjab National Bank, Union Bank of India, Allahabad Bank, Syndicate Bank and UCO Bank were down 2%-3% each.
State Bank of India (SBI), ICICI Bank, YES Bank and Kotak Mahindra Bank were down 1% each on the National Stock Exchange (NSE).
Meanwhile, the public sector banks (PSU) CNX PSU Bank index was the largest loser, dipping almost 2% at 3,317.
Five banks that have declared their June quarter results so far -- Karnataka Bank, Federal Bank, IndusInd Bank, South Indian Bank and DCB Bank -- have reported single digit growth in net profit. The aggregate net profit of these five banks increased by 1% at Rs 888 crore in Q1 against Rs 877 crore in the corresponding quarter of previous fiscal.
Except IndusInd Bank and Karnataka Bank, the remaining three banks have seen a rise in their gross and net non-performing assets (NPA) during the recently concluded quarter over the previous year's corresponding quarter.
At 12:17 PM, the NSE's main banking share index the Bank Nifty, was down 1.1% or 213 points at 18,882 compared with a 0.51% decline in CNX Nifty at 8,566.
Karnataka Bank and Federal Bank were down 8% each at Rs 70 and Rs 142 respectively, Oriental Bank of Commerce (down 4% at Rs 173), while Canara Bank, Bank of India, Andhra Bank, Punjab National Bank, Union Bank of India, Allahabad Bank, Syndicate Bank and UCO Bank were down 2%-3% each.
State Bank of India (SBI), ICICI Bank, YES Bank and Kotak Mahindra Bank were down 1% each on the National Stock Exchange (NSE).
Meanwhile, the public sector banks (PSU) CNX PSU Bank index was the largest loser, dipping almost 2% at 3,317.
Five banks that have declared their June quarter results so far -- Karnataka Bank, Federal Bank, IndusInd Bank, South Indian Bank and DCB Bank -- have reported single digit growth in net profit. The aggregate net profit of these five banks increased by 1% at Rs 888 crore in Q1 against Rs 877 crore in the corresponding quarter of previous fiscal.
Except IndusInd Bank and Karnataka Bank, the remaining three banks have seen a rise in their gross and net non-performing assets (NPA) during the recently concluded quarter over the previous year's corresponding quarter.