Nifty PSU Bank index rally over 4%; SBI, Canara Bank, BOB up more than 4%

Shares of public sector banks have rallied by up to 5% on the National Stock Exchange (NSE), after Canara Bank reported a net profit of Rs 2.81 billion in June quarter (Q1FY19) on the back of higher net interest income (NII). Analysts on average had expected the state-owned bank to post a loss during the quarter. Canara Bank had profit net profit of Rs 2.52 billion in year ago quarter and net loss of Rs 48.6 billion in previous quarter.

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