Syndicate Bank
NSE Symbol SYNDIBANK
SYNDICATE BANK has performed well in the first quarter of Q1 FY 2012 ending June,2011.
Interest on Advances stands at Rs.2776.81 cr – up by 7.08% from the previous quarter of Q4 FY 11; Up by 34.5% from the corresponding Qtr of Q1 FY 2011. It is also up on an annualized Basis from FY 2011 total by 20.77%
Income on Investments stands at Rs.602.72 cr – up by 5.07% from Q4 FY 11; up by 13.04% from Q1 FY 11; and up on annualized basis from FY 11 by 9.2%.
Total Income stands at Rs.3689.92 cr – up by 8% from Q4 FY 11; Up by 30.86% from Q1 FY 11; and up on annualized basis from FY 11 by 19.36%.
Net Interest Income stands at Rs.1110.40 cr – down by 4.37% from Q4 FY 11; Up by 15.21% from Q1 FY 11; and up on annualized basis from FY 11 by 1.34%.
Operating Profit stands at Rs.742.55 Cr = up by 10.51% from Q4 FY 11; up by 26.45% from Q1 FY 11; and up on annualized basis from FY 11 by 7.97%.
Provisions stands at Rs.326.63 - down by 7.47% from Q4 FY 11; but up by 39.2% from Q1 FY11; and down on annualized basis from FY 11 by 10.78%.
Profit before tax stands at Rs.415.92 cr – up by 30.39% from Q4 FY 11; Up by 17.96% from Q1 FY 11; and up on annualized basis from FY11 by 29.3%.
Net Profit stands at Rs.342.91 cr – up by 18.54% from Q4 FY 11; up by 29.22% from Q1 FY 11; and up on annualized basis by 30.78% from FY 11.
Capital Adequacy Ratio stands at 12.09, which is reasonable.
Basic EPS for Q1 FY 12 stands at Rs.5.98 - compared to Rs.5.53 in Q4 FY 11; Rs.5.08 in Q1 FY 11; and Rs.20.04 compared to FY 11 total. The annualized EPS on this basis may come to Rs.24 (or more).
Gross/Net NPA stands at Rs.1017.86 cr in Q1 FY 12 – compared to Rs.1030.84 cr in Q4 FY 11; Rs.984.99 cr in Q1 FY 11; and Rs.1030.84 Cr for FY 11 total. Thus, in absolute numbers, NPAs have increased.
% of Gross/Net NPA stands at 0.93 – compared to 0.97 in Q4 FY 11; 1.06 in Q1 FY 11; and 0.97 in FY 11 totally. Thus as percentage of total advances, it is still reasonably- but needs control to bring it down.
Return on Assets is reasonable at 0.9 – compared to 0.84 in Q4 FY 11; 0.81 in Q1 FY 11 and 0.76 in FY 11.
ANNOUNCEMENTS TO NSE
29-07-2011 Syndicate Bank has standalone Results for the quarter ended on 30-JUN-2011 as follows: Interest earned of Rs. 339854 lacs for the quarter ending on 30-JUN-2011 against Rs. 260436 lacs for the quarter ending on 30-JUN-2010. Interest expended of Rs. 228814 lacs for the quarter ending on 30-JUN-2011 against Rs. 164057 lacs for the quarter ending on 30-JUN-2010. Net Profit / (Loss) of Rs. 34291 lacs for the quarter ending on 30-JUN-2011 against Rs. 26536 lacs for the quarter ending on 30-JUN-2010.
05-07-2011 the Base Rate and BPLR of the Bank stands revised from 10.00% to 10.25% and 14.25% to 14.50%, respectively, effective from July 05, 2011.
12-05-2011 Syndicate Bank has recommended a Dividend of Rs. 3.70 per share (37%) for the year 2010-2011, subject to approval of shareholders at the Annual General Meeting.
12-05-2011 Syndicate Bank standalone Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 1145086 lacs for the year ending on 31-MAR-2011 against Rs. 1004717 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 706810 lacs for the year ending on 31-MAR-2011 against Rs. 730737 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 104795 lacs for the year ending on 31-MAR-2011 against Rs. 81332 lacs for the year ending on 31-MAR-2010.
12-05-2011 Syndicate Bank consolidated Results for the year ended on 31-MAR-2011 as follows: Interest earned of Rs. 1146088 lacs for the year ending on 31-MAR-2011 against Rs. 1004718 lacs for the year ending on 31-MAR-2010. Interest expended of Rs. 706793 lacs for the year ending on 31-MAR-2011 against Rs. 730724 lacs for the year ending on 31-MAR-2010. Net Profit / (Loss) of Rs. 104878 lacs for the year ending on 31-MAR-2011 against Rs. 81426 lacs for the year ending on 31-MAR-2010.
24-03-2011 Syndicate Bank has informed the Exchange that upon receipt of funds from Government of India, the Bank has, on March 23, 2011, allotted 5,13,17,389 (Five crores thirteen lacs seventeen thousand three hundred and eighty nine only) equity shares of face value of Rs.10/- each for cash at a premium of Rs.113.35 (Rupees One hundred thirteen and paise thirty five only) determined in accordance with Regulation 76(1) of SEBI ICDR Regulations aggregating to Rs.632,99,99,934/- on preferential basis to Government of India.
PERFORMANCE HIGH LIGHTS
FOR Q1 FY 2012
The Global Business of the Bank was at Rs.243436 crore as on 30.06.2011 as against Rs.202622 crores as on 30.06.2010 registering a growth of 20%.
The Global Deposits stood a Rs.132889 crore and Global Advances at Rs. 110547 crore as on 30th June 2011.
The CASA deposits grew from Rs.39690 crores as on 30th June 2010 to Rs.41436 crore as on 30th June 2011 registering year-on-year growth of 6%.
The Net Interest Margin for the first quarter ended 30.06.2011 improved to 3.16% from 3.09% recorded as on 30.06.2010.
The increase in overall interest rates has resulted in increase of cost of deposits from 5.27% as on 30.06.2010 to 6.36% as on June 2011.
The yield on Advances has also increased from 9.08% as on 30.06.2010 to 10.19% as on June 2011.
The Gross NPAs of the Bank increased to 2.39% in June 2011 as compared to 2.31% in June 2010. However The Net NPA declined to 0.93% as on June 2011 as compared to 1.06% as on June 2010.
Provision Coverage Ratio is 78.43%, higher than the mandatory coverage ratio of 70%.
RESULTS TABLE :
| Syndicate bank | Q1FY12 | Q4FY11 | Q1FY11 | |
| Interest/on Advances | 277681 | 259332 | 206459 | 919,724.00 |
| Income on Investments | 60272 | 57366 | 53317 | 220,772.00 |
| Income on Balances With RBI | 1901 | 16 | 660 | 1,072.00 |
| Others | - | -512 | - | 3,518.00 |
| Interest Earned | 339854 | 316202 | 260436 | 1,145,086.00 |
| Other Income | 29138 | 25458 | 21537 | 91,514.00 |
| Total Income | 368992 | 341660 | 281973 | 1,236,600.00 |
| Interest Expended | 228814 | 200088 | 164057 | 706,793.00 |
| N I I | 111040 | 116114 | 96379 | 438293 |
| Employees Cost | 45421 | 52073 | 42103 | 177,411.00 |
| Other Oprating Expenses | 20502 | 22303 | 17091 | 77,294.00 |
| Oprating Expenses | 65923 | 74376 | 59194 | 254,705.00 |
| Total Expenditure excl. provisions | 294737 | 274464 | 223251 | 961,498.00 |
| Operating Profit | 74255 | 67196 | 58722 | 275,102.00 |
| Provisions | 32663 | 35298 | 23464 | 146,436.00 |
| Profit before tax | 41592 | 31898 | 35258 | 128,666.00 |
| Tax Expense | 7301 | 2969 | 8722 | 23,788.00 |
| Net Profit | 34291 | 28929 | 26536 | 104,878.00 |
| Face Value | 10 | 10 | 10 | 10 |
| Paid-up Equity | 57329 | 57329 | 52197 | 57,329.00 |
| Capital Adequacy Ratio | 12.09 | 11.2 | 12.37 | 11.2 |
| Basic EPS | 5.98 | 5.53 | 5.08 | 20.04 |
| Gross/Net NPA | 101786 | 103084 | 98499 | 103,084.00 |
| % of Gross/Net NPA | 0.93 | 0.97 | 1.06 | 0.97 |
| Return on Assets | 0.9 | 0.84 | 0.81 | 0.76 |
| Public Shareholding (%) | 30.53 | 30.53 | 33.53 | 30.53 |
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