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Banking Stocks Surge As FM Promises Banking Sector Reforms
Shares in banking stocks saw a spectacular rally, after Finance Minister Arun Jaitley promised to speed-up reforms in the PSU banking space.
Bank of Baroda which reported a record set of losses gained a huge 20 per cent in trade, while State Bank of India jumped 7 per cent and Canara Bank rallied 6 per cent in trade. Bank of India was also having a good session with gains of 8 per cent.
Jaitley said India has not reached a stage where the government can pull out of banking. "Banks have to work on banking considerations. This is an area where we have probably erred in the past," said Jaitley.
Banking stocks have been at the receiving end and have fallen sharply in the last few months. Most of the PSU banking stocks are trading at fresh 52-week lows. Following RBI guidelines asking banks to provide additionally for likely non performing assets, NPAs have soared. Take a look at some of the non performing assets reported by banks.
| Banks with Best NPAs for December Quarter | ||
|---|---|---|
| Banks | Gross NPA | Net NPA |
| HDFC Bank | 0.97 per cent | 0.29 per cent |
| Kotak Bank | 2.30 per cent | 0.36 per cent |
| Yes Bank | 0.66 per cent | 0.61 per cent |
| IndusInd Bank | 0.82 per cent | 0.33 per cent |
____________________________________
| Banks with worst NPA | ||
|---|---|---|
| Banks | Gross NPA | Net NPA |
| State Bank of India | 5.10 per cent | 2.89 per cent |
| ICICI | 4.72 per cent | 2.28 per cent |
| PNB | 8.47 per cent | 5.86 per cent |
| IOB | 12.64 per cent | 8.32 per cent |
| Central Bank of India | 8.95 per cent | 5.30 per cent |
| Bank of India | 8.18 per cent | 5.25 per cent |
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