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Business News/ Markets / Stock Markets/  ICICI Bank, Kotak Mahindra Bank, Yes Bank among other banking stocks in focus after Q2 results
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ICICI Bank, Kotak Mahindra Bank, Yes Bank among other banking stocks in focus after Q2 results

Bank Nifty today will remain in focus as a slew of banking stocks will react to their Q2 results announced over the weekend.

Yes Bank shares will also be on radar as the bank’s net profit surged 47.4% YoY to ₹225 crore from ₹152.8 crorePremium
Yes Bank shares will also be on radar as the bank’s net profit surged 47.4% YoY to 225 crore from 152.8 crore

A slew of banking stocks, including shares of ICICI Bank, Kotak Mahindra Bank, Yes Bank, RBL Bank and IDBI Bank, will be on investors’ radar Monday after these banks announced their quarterly earnings over the weekend.

The Indian stock market today is expected to open lower tracking weak global cues. 

The Sensex and Nifty 50 indices ended in the red on Friday, their third consecutive session of losses. The Bank Nifty index is witnessing a period of consolidation and the index fell 31.5 points to close at 43,723.

Also Read: 6 things that changed for the stock market over the weekend - Gift Nifty to selloff on Wall Street

Bank Nifty today will remain in focus as a slew of banking stocks will react to their Q2 results announced over the weekend. Here are some of these banking stocks:

ICICI Bank

ICICI Bank shares will be in focus as the private sector lender reported a 35.8% YoY rise in its standalone net profit to 10,261 for the second quarter of FY24. The bank’s net interest income (NII) increased by 23.8% YoY to 18,308 crore and net interest margin (NIM) stood at 4.53% in Q2FY24.

ICICI Bank’s September quarter result exceeded the expectations of market experts. However, the private lender continued to move forward in its growth trajectory predicted by market experts.

Also Read: Nifty 50, Sensex today: What to expect from stock market indices in trade on October 23

Kotak Mahindra Bank 

Kotak Mahindra Bank posted a 24% YoY rise in its standalone net profit to 3,191 crore, while its NII increased 23% YoY to 6,297 crore in Q2FY24. Its net interest margin for the quarter rose to 5.22% from 5.17% in the corresponding period of the previous financial year.

The bank also announced that the Reserve Bank of India (RBI) gave its approval to the appointment of Ashok Vaswani as the Managing Director and Chief Executive Officer of the bank. 

The appointment which is subject to shareholders approval will be for a period of three years from the date of taking charge which shall not be later than January 1, 2024, the bank said.

Also Read: Ashok Vaswani is next Kotak Mahindra Bank CEO: Who is he? 10 things to know

Yes Bank

Yes Bank shares will also be on radar as the bank’s net profit surged 47.4% YoY to 225 crore from 152.8 crore, while its NII fell 3.3% to 1,925.1 crore from 1,991.4 crore, YoY.

RBL Bank 

RBL Bank released its July-September quarter results on Saturday and reported a 46% year-on-year jump in their net profits which jumped to 294 crore during Q2FY24 from 202 crore during the same quarter last fiscal.

The net interest income (NII) of the RBL Bank grew 26% YoY to 1,475 crore while the revenue of the bank witnessed a YoY jump of 24% to 2,179 crore.

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Also Read: Stocks to Watch: Kotak Bank, ICICI Bank, JSW Steel, Ambuja Cements, ACC, Paytm

IDBI Bank

IDBI Bank recorded a net profit of 1,323.3 crore in Q2FY24, which is 59.8% higher as compared to a profit of 828.1 crore reported in the year-ago period. NII soared by 12% to 3,066.5 crore from 2,738.1 crore, YoY

The gross non-performing assets (NPA) ratio improved sequentially to 4.9% , as against 5.05% reported in the June 2023 quarter. The lender also marked an improvement in the net NPA, which came down 0.39% in Q2FY24 from 0.44% in the preceding quarter.

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Published: 23 Oct 2023, 08:43 AM IST
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