On Wednesday, the Nifty PSU Bank index ended up 3.50 per cent at 3427. In September month the index added 12.00 per cent. Bank of India jumped 10.15 per cent, Indian Overseas Bank added 6.09 per cent, and Union Bank of India rose 5.73 per cent to hit a record high.

The Nifty PSU Bank index has increased by 20.00 per cent over 2021 compared to the 2.59 per cent fall in the benchmark Nifty 50 index. The nifty Auto index increased 1.24 per cent, and the Nifty FMCG index slipped 1.03 per cent. In domestic markets, the Nifty 50 has declined 0.42 per cent to close at 17656.35, while the SENSEX has declined 0.48 per cent to close at 59543.96 on 26 October 2022.

Meanwhile, on 21 October, PSU bank shares were traded higher, with the Nifty PSU Bank Index hitting an all-time high of 3,313, surging 3.11 per cent in today’s intraday trade as compared with last quarter trade.

The Union Bank reported 20 per cent yearly earnings growth due to 8 per cent YoY operating profit growth and a 10 per cent increase in provisions in the second quarter of FY23. NII grew 22 per cent yearly, whereas non-interest income declined 18 per cent year on year.

In Q2FY23, Canara Bank reported an 89 per cent rise in net profit to Rs 2,525 crore. The bank posted a net profit of Rs 1,333 crore in Q2FY22. Also, total income grew to Rs 24,932.19 crore during Q2FY23 compared to Rs 21,331.49 crore in Q2FY22.

The net profit of Bank of Maharashtra (BoM) more than doubled to Rs 535 crore in Q2FY23 as against Rs 264 crore inQ2FY22. The bank’s net interest margin is a key profitability parameter, improved further to 3.55 per cent for the quarter, which is even better than the preceding quarter’s 3.28 per cent. Net interest income rose 26 per cent to Rs 1,887 crore compared with Rs 1,500 crore in 2021.