PSU bank stocks rally after Indian Bank June quarter results
Business
Public-sector bank stocks jumped on Friday after Indian Bank delivered impressive results for the June quarter.
The Nifty PSU Bank index was among the day's top performers, with Indian Bank shares up 10%.
Big names like SBI, Canara Bank, and PNB also saw their stocks climb by 2% to 9%, riding the wave of optimism.
Indian Bank profit ₹3,273cr up 10%
Indian Bank's net profit rose 10% year over year to ₹3,273 crore, powered by a solid 17% boost in net interest income.
The bank's asset quality got better too: bad loans dropped slightly and stayed under control.
With stronger profitability and improved metrics across the board, investors are clearly feeling upbeat about PSU banks right now.