The S&P/ASX 200 Index (ASX: XJO) has given back much of its earlier gains today but remains up 0.24% at the time of writing.
The ASX 200 bank shares, meanwhile, are all outpacing the index.
Commonwealth Bank of Australia (ASX: CBA) shares are leading the charge, up 5.12% to $99.13 per share.
The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is up 1.3%, while the National Australia Bank Ltd (ASX: NAB) share price trails the pack with a gain of 1.12%.
Meanwhile, Westpac Banking Corp (ASX: WBC) shares are climbing 2.56% today.
Why are the big banks outpacing most ASX 200 shares?
The big banks have been getting increased investor attention as central banks the world over begin to institute rate rises. Over in the United States, the US Federal Reserve could be looking at raising rates on a monthly basis to keep rising inflation in check.
While the Reserve Bank of Australia (RBA) is holding back, for now, analysts widely expect the Aussie cash rate to lift far sooner than had been forecast just last year.
With higher interest rates leading to larger margins for the banks, ASX 200 bank shares could be in for more tailwinds.
Then there's CBA's expectation-beating half-year results, released this morning.
The bank delivered a cash net profit after tax (NPAT) of $4.746 billion, up 23% from the prior corresponding half year. Topping that off, CBA said it is undertaking a new $2 billion on-market share buyback. This follows its earlier $6 billion buyback last year.
With the CBA share price up 5.12%, investors are clearly pleased.
And the other three ASX 200 banks shares look to be benefitting from the old investor adage, "A rising tide lifts all boats."
How have the banks been tracking?
With the exception of Westpac, up nearly 5% year to date, the ASX 200 bank shares remain in the red so far in 2022.
CBA shares are down 1.85% year to date, NAB shares are down 2.84%, and ANZ shares are down 0.73%.
By comparison, the ASX 200 has slipped 3.25% so far this year.
