Indian banks post positive Q2 results amidst weak market cues
2023.10.23 00:40
© Reuters.
Indian banking stocks, including ICICI Bank, Kotak Mahindra Bank, Yes Bank, RBL Bank, and IDBI Bank, are set to react to their released Q2FY24 results today amid predicted lower market openings due to weak global cues. This could potentially mark a fourth consecutive losing session for Sensex and Nifty 50 indices.
ICICI Bank reported a significant year-over-year (YoY) rise in standalone net profit by 35.8% and net interest income (NII), accompanied by a net interest margin (NIM) of 4.53%. Similarly, Kotak Mahindra Bank recorded YoY increases in standalone net profit by 24% and NII with a slight rise in NIM to 5.22%. The bank also announced the appointment of Ashok Vaswani as CEO, following RBI approval and pending shareholders’ consent.
Yes Bank’s net profit surged by 47.4% YoY, despite a decline in NII. RBL Bank reported a 26% YoY growth in NII alongside an increase in revenue. IDBI Bank recorded a 59.8% higher standalone net profit compared to the previous year, an improved gross non-performing assets (NPA) ratio, and a drop in net NPA.
These positive Q2 results are anticipated to influence investor decisions in the upcoming trading sessions. However, the overall market sentiment remains cautious due to weak global cues.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.
