Syndicate Bank surges 14% post September quarter results

The stock surged 14% to Rs 94 on the BSE in early morning deal, trading close to its 52-week high of Rs 94.90 touched on May 9, 2017 in intra-day trade

Syndicate Bank surged 14% to Rs 94 on the BSE in early morning trade after the state-owned bank's assets quality improved sequentially in September 2017 quarter (Q2FY18).

The bank’s gross non-performing assets (NPA) ratio in Q2FY18 stood at 9.39% down sequentially from 9.96% as on June 2017(Q1FY18), the net NPA ratio decreased to 5.76% from 6.27% in previous quarter, Syndicate Bank said in a press release.

The gross NPA and net NPA stood at 7.72% and 5.03%, respectively, as on September 2016, (Q2FY17).

Syndicate Bank reported 28% jump in its July-September quarter profit to Rs 105 crore on annual basis. It had posted a profit of Rs 82 crore in the same quarter of the previous fiscal.

Net interest income (interest earned minus interest expended) increased by 7% to Rs 1,649 crore from Rs 1,545 crore in the corresponding quarter of previous fiscal. Net interest margin (NIM) improved from 2.7% in Q2FY17 to 2.91% in Q2FY18.

At 09:30 AM; the stock was up 11% at Rs 92 on the BSE, as compared to 0.83% rise in the S&P BSE Sensex. It is trading close to its 52-week high of Rs 94.90 touched on May 9, 2017 in intra-day trade. A combined 12.19 million have already changed hands on the counter on the NSE and BSE so far.