Syndicate Bank has surged 7% to Rs 128 on reporting a better-than-expected 92% year-on-year (yoy) jumped in net profit at Rs 592 crore for the quarter ended March 2013 (Q4) due to lower provisioning for bad loans and tax expenses. The state-owned bank had profit of Rs 309 crore in a year ago quarter. Analysts on an average had expected profit of Rs 426 crore.
Net interest income or NII (interest earned minus interest expended) however, declined 2.4% at Rs 1,344 crore on yoy basis.
“Total provisioning, including bad loans provision almost halved to Rs 364 crore from Rs 672 crore,” Syndicate Bank said in a statement.
The bank’s gross non performing assets (NPA) have declined to 1.99% from 2.53%, while Net NPA to 0.76% from 0.96% on year-on-year basis.
The stock opened at Rs 120 and hit a high of Rs 129 on NSE. A combined 5.18 million shares have changed hands on the counter so far on NSE and BSE.
Net interest income or NII (interest earned minus interest expended) however, declined 2.4% at Rs 1,344 crore on yoy basis.
“Total provisioning, including bad loans provision almost halved to Rs 364 crore from Rs 672 crore,” Syndicate Bank said in a statement.
The bank’s gross non performing assets (NPA) have declined to 1.99% from 2.53%, while Net NPA to 0.76% from 0.96% on year-on-year basis.
The stock opened at Rs 120 and hit a high of Rs 129 on NSE. A combined 5.18 million shares have changed hands on the counter so far on NSE and BSE.
