Bank Nifty sheds 145 pts as Axis Bank and Kotak Bank weigh down after Q1 results

The index has touched an intraday high and low of 35,186.10 and 34,713.55 respectively earlier today.

Jul 27, 2021 02:07 IST India Infoline News Service

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Bank Nifty was broadly under pressure on Tuesday dragged by heavyweights Axis Bank and Kotak Mahindra Bank after their June 2021 quarterly results. The index has touched an intraday high and low of 35,186.10 and 34,713.55 respectively earlier today.

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.

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