Syndicate Bank
NSE Symbol SYNDIBANK
SYNDICATE BANK has announced good results for Q2 FY 11.
Interest on Advances is Rs.2192.82 cr – up by 6.21% from previous qtr and up by 12.93% from corresponding qtr of Last year.
Total Income is Rs.2972.80 Cr – up by 5.43% from previous qtr and up by 5.39% from corresponding qtr.
Interest Expended is Rs.1633.70 Cr – DOWN by 0.42% from previous qtr and DOWN by 15.93% from corresponding qtr.
Net interest income, or the difference between interest income and interest expense, was at Rs 11.08 billion, up 85.3% from a year earlier.
Net interest margin of the bank improved 137 basis points to 3.55% in the past three months.
Basic EPS for the qtr is Rs.4.54 compared to Rs.5.08 in previous qtr and Rs.3.41 in corresponding qtr.
Operating Profit is Rs.778.47 Ct compared to Rs.587.22cr (up by 32.57%) in previous qtr and compared to Rs.443.39 cr (+75.57%) in corresponding Qtr. This is an excellent improvement in OPT.
Net Profit is Rs.237.10 Cr – compared to Rs.265.36cr (-10.65%) in previous qtr – and compared to Rs.177.81cr (+33.34%) in corresponding Qtr.
% of Gross/Net NPA is 0.97 compared to 1.06 in previous qtr and 0.91 in corresponding qtr.
Provisions has increased to Rs.449.63 cr – compared to Rs.234.64 cr in previous Qtr (+91.63%) – and compared to Rs.195.47 cr in corresponding Qtr (+130.03%). NPA Provision Coverage Ratio is 73.86%, higher than the mandatory coverage ratio of 70%.
Return on Assets is 0.76 compared to 0.81 in previous qtr and 0.55 in corresponding qtr.
Capital Adequacy Ratio is 12.21 compared to 12.37 in previous qtr and 12.02 in corresponding qtr.
Quarterly Performance highlights of the Bank:
(`` crore)
| Parameters | Quarter ended Sep 09 | Quarter ended Sep 10 |
| Operating Profit | 380 | 778 |
| Net Profit | 176 | 237 |
| Net Interest Income | 598 | 1108 |
| Net Interest Margin (%) | 2.18 | 3.55 |
| Capital Adequacy Ratio (%) | 13.26 | 12.21 |
| Gross NPA Ratio (%) | 2.25 | 2.24 |
| Net NPA Ratio (%) | 0.91 | 0.97 |
| Earning per Share | 16.84 | 19.25 |
| Business | 193488 | 212027 |
| Deposits | 111129 | 116113 |
| Advances | 82359 | 95914 |
| Cost of Deposits (%) | 6.44 | 5.14 |
| Yield on Advances (%) | 9.54 | 9.39 |
| Cost to Income Ratio (%) | 45.75 | 45.77 |
OTHER RESULTS IN FIGURES :
| syndicate bank | 30-Sep-10 | 30-Jun-10 | Dif %1 | ####### | Dif %2 |
| Interest on Advances | 219282 | 206459 | 6.21 | 194181 | 12.93 |
| Income on Investments | 54289 | 53317 | 1.82 | 61195 | -11.29 |
| Income on Balances With RBI | 177 | 660 | -73.18 | 728 | -75.69 |
| Others | 385 | - | - | ||
| Interest Earned | 274133 | 260436 | 5.26 | 256104 | 7.04 |
| Other Income | 23147 | 21537 | 7.48 | 25959 | -10.83 |
| Total Income | 297280 | 281973 | 5.43 | 282063 | 5.39 |
| Interest Expended | 163370 | 164057 | -0.42 | 194318 | -15.93 |
| Employees Cost | 37030 | 42103 | -12.05 | 25230 | 46.77 |
| Other Operatg Expenses | 19033 | 17091 | 11.36 | 18176 | 4.72 |
| Operatg Expenses | 56063 | 59194 | -5.29 | 43406 | 29.16 |
| Operating Profit | 77847 | 58722 | 32.57 | 44339 | 75.57 |
| Provisions | 44963 | 23464 | 91.63 | 19547 | 130.03 |
| P B T | 32884 | 35258 | -6.73 | 24792 | 32.64 |
| Tax Expense | 9174 | 8722 | 5.18 | 7011 | 30.85 |
| Net Profit | 23710 | 26536 | -10.65 | 17781 | 33.34 |
| Face Value.Rs. | 10 | 10 | 0 | 10 | 0 |
| Paid-up Equity | 52197 | 52197 | 0 | 52197 | 0 |
| Capital Adequacy Ratio | 12.21 | 12.37 | -1.29 | 12.02 | 1.58 |
| Basic EPS | 4.54 | 5.08 | -10.63 | 3.41 | 33.14 |
| Gross/Net NPA | 91707 | 98499 | -6.9 | 73567 | 24.66 |
| % of Gross/Net NPA | 0.97 | 1.06 | -8.49 | 0.91 | 6.59 |
| Return on Assets | 0.76 | 0.81 | -6.17 | 0.55 | 38.18 |
| Public holding (%) | 33.53 | 33.53 | 0 | 33.53 | 0 |
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