SYNDICATE BANK
RESULTS FOR Q3 FY 2011
QTR ENDING DECEMBER 2010
SYNDICATE BANK has performed well in the third quarter ending December,2010.
Interest on Advances has increased to Rs.2347 cr – up by 7.01% from Q2 FY 11 and by 24.45% from Q3 FY10.
Income on Investments has increased to Rs.558 cr – up by 2.78% from Q2 FY 11 but lower by 0.8% from Q3 FY 10.
Total Income has increased to Rs.3157 cr – up by 6.19% from Q2 FY11 and by 17.93% from Q3 FY 10.
Net Interest Income (Earned – Expended) has increased to Rs.1150 cr – up by 3.84% from Q2 FY 11 and by 60.21% from Q3 FY 10.
Operating Profit has increased to Rs.712 cr – down by 8.52% from Q2 FY 11, but UP by 46.01% from Q3 FY 10.
Provisions has increased to Rs.427.11 cr. (Q2 FY 11: Rs.449.63 cr and Q3 FY 10 : Rs.206.94 cr).
% of Gross/Net NPA is gradually coming down and is now at 0.95 – compared to 0.97 in Q2 FY 10 and 1.02 in Q3 FY 10.
Net Profit has increased to Rs. 256 cr – up by 8.05% from Q2 FY 11 and by 24.53% from Q3 FY 10.
Capital Adequacy Ratio is reasonable at 11.74.
Return on Assets is increasing and is now at 0.76 compared to 0.76in Q2 FY 11 and 0.64 in Q3 FY 10.
Basic EPS on a Face Value of Rs.10 has gradually grown to Rs.4.91 – from Rs.4.54 in Q2 FY11 and Rs.3.94 in Q2 FY 10.
At current price of Rs.107, its PE Ratio is around 5 to 6 and deserves better valuations in future.
The Syndicate Bank is growing well in all parameters.
RESULTS TABLE :
| SYNDICATE BANK | 31-Dec-10 | 30-Sep-10 | 30-Jun-10 | 31-Mar-10 | 31-Dec-09 |
| Interest on Advances | 234651 | 219282 | 206459 | 194350 | 188544 |
| DIF %1 | 2347 | 7.01 | 13.66 | 20.74 | 24.45 |
| Income on Investments | 55800 | 54289 | 53317 | 51592 | 56252 |
| DIF %2 | 558 | 2.78 | 4.66 | 8.16 | -0.8 |
| Income on Balances With RBI | 219 | 177 | 660 | 2478 | 756 |
| Others | 3645 | 385 | - | 2910 | 1 |
| Interest Earned | 294315 | 274133 | 260436 | 251330 | 245553 |
| Other Income | 21369 | 23147 | 21537 | 22890 | 22140 |
| Total Income | 315684 | 297280 | 281973 | 274220 | 267693 |
| DIF %3 | 3157 | 6.19 | 11.96 | 15.12 | 17.93 |
| Interest Expended | 179295 | 163370 | 164057 | 165358 | 173758 |
| NII | 115020 | 110763 | 96379 | 85972 | 71795 |
| DIF %4 | 1150 | 3.84 | 19.34 | 33.79 | 60.21 |
| Employees Cost | 46125 | 37030 | 42103 | 36036 | 28032 |
| Other Operatng Expenses | 19052 | 19033 | 17091 | 17573 | 17132 |
| Operatng Expenses | 65177 | 56063 | 59194 | 53609 | 45164 |
| Operating Profit | 71212 | 77847 | 58722 | 55253 | 48771 |
| DIF %5 | 712 | -8.52 | 21.27 | 28.88 | 46.01 |
| Provisions | 42711 | 44963 | 23464 | 26323 | 20694 |
| Tax Expense | 2882 | 9174 | 8722 | 12107 | 7505 |
| Net Profit | 25619 | 23710 | 26536 | 16823 | 20572 |
| DIF %6 | 256 | 8.05 | -3.46 | 52.29 | 24.53 |
| Face Value (in Rs.) | 10 | 10 | 10 | 10 | 10 |
| Paid-up Equity Share Capital | 52197 | 52197 | 52197 | 52197 | 52197 |
| Capital Adequacy Ratio | 11.74 | 12.21 | 12.37 | 11.2 | 11.98 |
| Basic EPS | 4.91 | 4.54 | 5.08 | 3.22 | 3.94 |
| Gross/Net NPA | 94932 | 91707 | 98499 | 97773 | 83580 |
| % of Gross/Net NPA | 0.95 | 0.97 | 1.06 | 1.07 | 1.02 |
| Return on Assets | 0.76 | 0.76 | 0.81 | 0.62 | 0.64 |
| Public holding (%) | 33.53 | 33.53 | 33.53 | 33.53 | 33.53 |
WHAT THE BANK SAYS :
Syndicate Bank recorded 57% increase in its operating profit for the nine months ended December 2010.
The operating profit was Rs.2078 crore for the period ended December 2010 as against Rs.1321 crore recorded during the corresponding period of the previous - year.
Net Interest Income increased from Rs.1880 crores for the nine months ended December 2009 to Rs.3222 crore for December 2010 registering growth of 71%.
However, the other income declined by 30% from Rs.938 crore to Rs.660 crore YoY mainly due to the decline in trading profit.
The net profit for nine months ended is Rs.759 crore as against Rs.645 crore recording 18% growth in the first nine months ended of 2010-11.
The Global Business of the Bank was at Rs.2,25,910 crore as on 31.12.2010 as against Rs.191619 crores as on 31.12.2009 registering a growth of 18%. The Global Deposits stood at Rs. 1,24,603 crore and Global Advances at Rs.101,307 crore as on 31st December 2010.
The CASA deposits grew from Rs.32538 crores as on 31st the December 2009 to Rs.41273 crore as on 31st December 2010 registering year-on-year growth of 27%.
The Return on Assets has increased from 0.67% as on 31.12.2009 to 0.75% as on 31.12.2010.
The Net Interest Margin for the first nine months ended 31.12.2010 improved to 3.40% from 2.20% recorded as on 31.12.2009.
The reduction in high cost deposits and increase in CASA deposits have resulted in reduction of cost of deposits from 6.32% as on 31.12.2009 to 5.28% as on December 2010.
The Gross NPAs of the Bank declined to 2.32% in December 2010 as compared 2.43% in December 2009. The Net NPA also declined to 0.95% as on December 2010 as compared to 1.02% as on December 2009.
Provision Coverage Ratio is 73.15%, higher than the mandatory coverage ratio of 70%.
Quarterly Performance
highlights of the Bank: ( Rs.in crore)
Parameters :: Q/e Dec 09 : : Q/ e Dec 10
Operating Profit :: 424 :: 712
Net Profit :: 206 :: 256
Net Interest Income :: 718 :: 1150
Net Interest Margin (%) ::2.50 :: 3.58
Capital Adequacy Ratio (%) ::13.48 ::11.74
Gross NPA Ratio (%):: 2.43 :: 2.32
Net NPA Ratio (%) :: 1.02 :: 0.95
Earning per Share :: 16.48:: 19.37
Business :: 191619 :: 225910
Deposits :: 108515 :: 124603
Advances :: 83104 :: 101307
Cost of Deposits (%):: 5.88 :: 5.44
Yield on Advances (%) ::9.36 :: 9.57
Cost to Income Ratio (%) ::46.53 ::46.48
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