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Syndicate Bank surges on upbeat Q4 earnings

Q4 gross non performing assets (NPA) declined to 1.99% from 2.53% in a year ago quarter.

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SI Reporter Mumbai
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.
 
 

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First Published: May 02 2013 | 2:47 PM IST

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