Shares of CSB Bank advanced 14%; IndusInd Bank climbed 9%; RBL Bank 8.7%; State Bank of India (SBI) 8% and DCB Bank 7%. That apart, City Union Bank, Bandhan Bank, Federal Bank, Bank of India and Indian Overseas Bank gained 4% each; ICICI Bank and Axis Bank rose 3.5% each. “The universe of banking stocks as reflected in the Bank Nifty has surged in the last seven trading sessions. SBI reported an 80% year-on-year (y-o-y) jump in net profit amid higher net interest income and lower provisions. India’s largest private lender HDFC Bank reported a 18.17% y-o-y rise in net profit for the three months to March owing to a rise in net interest income (NII) and other income.

Source: Mint May 24, 2021 13:52 UTC