The index continues to trade in red, however, the downside is at a slower pace as major stocks such as SBI and HDFC Bank limits losses.
At around 2.20 PM, Bank Nifty was trading at 34,805.15 down by 144.55 points or 0.41%.
SBI was the top gainer soaring 1.4% followed by AU Small Finance Bank surging 1.3%. HDFC Bank advances nearly 0.6%, while ICICI Bank marginally up.
On the downside, Axis Bank was the top underperformer slipping 3.4% followed by Axis Bank diving 2.5%.
In Q1FY22, Axis Bank reported a 94% net profit to Rs2,160cr compared to a profit of Rs1,112cr a year ago same period. The Bank’s Net Interest Income (NII) grew 11% YOY to Rs7,760cr from Rs6,985cr in Q1FY21. Net interest margin (NIM) for Q1FY22 stood at 3.46%.
Meanwhile, Kotak Bank posted a net profit of Rs1,642cr in the quarter ending June 2021 (Q1FY22) compared to a profit of Rs1,244cr in Q1FY21 - registering a growth of 32% yoy. The lender garnered a net interest income (NII) of Rs3,942cr in the quarter under review, from Rs3,724cr in Q1FY21, up 6%. Net Interest Margin (NIM) for Q1FY22 was at 4.60%.
RBL Bank, Bandhan Bank and IDFC First Bank dived around 1% each. IndusInd Bank fell 0.6%. PNB and Federal Bank trade flat.