Syndicate Bank rose 5.83% to Rs 67.20 at 15:29 IST on BSE after the bank reported a net loss of Rs 2158.17 crore in Q4 March 2016 compared with net profit of Rs 416.92 crore in Q4 March 2015.
The result was announced during trading hours today, 17 May 2016.Meanwhile, the BSE Sensex was up 103.34 points, or 0.40%, to 25,756.57.
On BSE, so far 21.46 lakh shares were traded in the counter, compared with an average volume of 3.03 lakh shares in the past one quarter. The stock hit a high of Rs 68.70 and a low of Rs 60.60 so far during the day. The stock hit a 52-week high of Rs 118.20 on 29 May 2015. The stock hit a 52-week low of Rs 49.40 on 17 February 2016. The stock had underperformed the market over the past one month till 16 May 2016, falling 6.69% compared with 0.10% rise in the Sensex. The scrip had, however, outperformed the market in past one quarter, rising 22.94% as against Sensex's 10.61% rise.
The mid-cap company has an equity capital of Rs 798.50 crore. Face value per share is Rs 10.
Syndicate Bank's total income fell 1.13% to Rs 6524.65 crore in Q4 March 2016 over Q4 March 2015.
The bank posted a net loss of Rs 1643.49 crore in the year ended March 2016 compared with net profit of Rs 1522.93 crore in the year ended March 2015. Total income rose 8.35% to Rs 25706.51 crore in the year ended March 2016 over the year ended March 2015.
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The bank reported an exceptional write off of Rs 882.65 crore in Q4 March 2016 on account of major fraud discovered at the three branches of the bank in Jaipur region, which was spanning for more than four preceding years. The amount is net of interest reversal of Rs 72.20 crore and available cash deposits of Rs 45.78 crore. In view of transactions being carried on the basis of fraudulent documents like fake, non-existent cheques, LCs and LIC policies, the bank has classified such amount as "Other Assets-Fraudulent Drawals Pending Recovery" and the same is fully written off under other expenses.
The bank's gross non-performing assets (NPAs) stood at Rs 13832.16 crore as on 31 March 2016 as against Rs 9602.80 crore as on 31 December 2015 and Rs 6442.38 crore as on 31 March 2015. The ratio of gross NPAs to gross advances stood at 6.70% as on 31 March 2016 as against 4.61% as on 31 December 2015 and 3.13% as on 31 March 2015. The ratio of net NPAs to net advances stood at 4.48% as on 31 March 2016 as against 3.04% as on 31 December 2015 and 1.90% as on 31 March 2015. The bank's provisions and contingencies (excluding tax provisions) rose 237.18% to Rs 2411.83 crore in Q4 March 2016 over Q4 March 2015. Provision coverage ratio of the bank was at 53.73% as on 31 March 2016.
Government of India holds 65.17% stake in Syndicate Bank (as on 31 March 2016).
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