Friday, January 20, 2012

SYNDICATE BANK =QUARTERLY RESULTS = Q2 FY 2012 = Q/E DEC,2011 = NPT UP 32% YoY;


Syndicate Bank
NSE Symbol        SYNDIBANK

SYNDICATE BANK has released its results for Q3 FY 2012 ending Dec,2011, which are analyzed below :

Interest on Advances for Q3 FY 12 stands at Rs.3212.48 cr – up by 4.22% from the previous           qtr of Q2 FY 12 and up by 36.9% from corresponding Qtr of Q3 FY 11.

Income on Investments for Q3 FY 12 stands at Rs.732.68 Cr in Q3 FY 12 – up by 13.54          from previous Qtr and up by 31.3% from corresponding qtr of Q3 FY 11.

Interest Earned for Q3 FY 12 stands at Rs.3973.94 cr – up by 5.38% fromQ2 FY 12 and up by  35.02% from Q3 FY 11.

Total Income stands at Rs.4214.35 cr  for Q3 FY 12 – up by 4.95% from Q2 FY 12 and up by 33.5% from Q3 FY 11.

Interest Expended stands at Rs.     2648.97 Cr  for Q3 FY 12 – up by 7.76% from Q2 FY 12, the previous qtr and up by        47.74% from Q3 FY 11.

Net Intt Income stands at Rs.1324.97 cr for Q3 FY 12 – up by 0.91% from Q2 FY 12 and up by 15.19% from Q3 FY 11.

Total Expendr( excl.provis.) for Q3 FY 12 stands at Rs.3291.59 cr – up by 5.34% from Q2 FY 12; and up by 34.64% from Q3 FY 11.

Operating Profit stands at Rs.922.76 cr – up by 3.56% from Q2 FY 12; and up by 29.58% from Q3 FY 11.

Provisions stands at Rs.543.72 cr – up 7.26% from Q2 FY 12; and up by 27.3% from Q3 FY 11.

Profit  before tax for Q3 FY 12 stands at Rs.379.04 cr – Down by -1.32% from Q2 FY 12 and  up by 32.99% from Q3 FY 11.

Tax Expense at Rs.        40.92 cr is down by -33.1% from Q2 FY 12 and up by 41.98% from Q3 FY 11.

Net Profit  consequently stands at Rs.338.12 cr in Q3 FY 12 – up by 4.7% from Q2 FY 12, the previous Qtr and up by 31.98% from Q3 FY 11.

Capital Adequacy Ratio at 11.48 is reasonably healthy.

Basic EPS, on a Face Value of Rs.10 - stands at Rs.5.9 for Q3 FY 12; Rs.5.63 for Q2 FY 12; Rs.5.98 for Q1 FY 12; Rs.5.53 for Q4 FY 11 and Rs.4.91 for Q3 FY 11. While the EPS is healthy, it is FLATTISH with very little Growth over last 5 qtrs.

% of Gross/Net NPA stands at 0.86 in Q3 FY 12; compared to 0.93 in previous Qtr and  0.95 in Q3 FY 11, the corresponding qtr. Asset quality also has thus improved slightly – but not significantly.

Return on Assets is healthy at 0.86.

EPS annualized is Rs.23.35. Market price is 86.95 while the 52 week high price  is Rs.132 and the 52 week low price is Rs.67.40.

The Price Earning Ratio comes to 3.72. The PSU Banks need better market valuations – being consistent performers.
 
PERFORMANCE HIGH LIGHTS
(FROM THE BANK)

PERFORMANCE FOR THE PERIOD
ENDED 31st DECEMBER 2011  30th SEP 2011

OPERATING PROFIT : Syndicate Bank has recorded an increase of 23% in its Operating Profit for the nine months period ended 31st December, 2011. The Operating Profit was ` 2,556 crores for the period ended 31st December, 2011 as against ` 2,078 crores recorded during the corresponding period of the previous year.

Net Interest Income increased from ` 3,222 crores for the nine months period ended 31st December, 2010 to ` 3,748 crores as on 31st December, 2011 registering a growth of 16%.

Other income increased by 17% from ` 660 crores to ` 776 crores Y-o-Y mainly due to the increase in fee based income.

Net Profit for the nine months period ended 31st December, 2011 was ` 1,004 crores as against ` 759 crores as on 31st December, 2010 recording 32% growth over the corresponding period in the previous year.

Global Business of the Bank was ` 259,626 crores as on 31.12.2011 as against ` 225,910 crores as on 31.12.2010 registering a Y-o-Y growth of 15%.

Deposits stood at ` 143,128 crores registering a Y-o-Y growth of 15% and Advances at ` 116,498 crores, registering a Y-o-Y growth of 15% as on 31st December, 2011.

Return on Assets has increased from 0.75% as on 31.12.2010 to 0.85% as on 31.12.2011.

Net Interest Margin for the nine months period ended 31.12.2011 is at 3.33%. The increase in overall interest rates has resulted in increase of cost of deposits from 5.28% as on 31.12.2010 to 6.66% as on 31.12.2011. Yield on advances has also increased from 9.35% as on 31.12.2010 to 10.75% as on 31.12.2011.

Cost to income ratio of the bank improved from 46.48% as on 31.12.2010 to 43.50% as on 31.12.2011.

Gross NPA ratio of the Bank declined to 2.29% as on 31st December, 2011 as compared 2.32% of the corresponding period of the previous year.

Net NPA ratio declined to 0.86% as on 31st December, 2011 as compared to 0.95% as on 31st December, 2010.

Provision Coverage Ratio stood at 78.50%, which is higher than the mandatory coverage ratio of 70%.

Performance Highlights of the Bank for the Third Quarter:
(` Crores)

KEY PARAMETERS
Q/E Dec. 2011
Q/E Dec. 2010
Growth (%)
Operating Profit
923
712
30%
Net Profit
338
256
32%
Net Interest Income
1325
1150
15%
Net Interest Margin (NIM)
3.45%
3.58%
Capital Adequacy Ratio
11.48%
11.74%
Gross NPA
2.29%
2.32%
Net NPA
0.86%
0.95%
Earning Per Share (Annualised) (`)
23.35
19.37
Business
259,626
225,910
Deposits
143,128
124,603
Advances
116,498
101,307
Cost of Deposits (%)
6.91%
5.44%
Yield on Advances (%)
11.11%
9.57%
Cost to Income Ratio (%)
41.05%
47.79%







RESULTS TABLE

syndicate bank
31-Dec-11
30-Sep-11
%dif1
30-Jun-11
31-Mar-11
31-Dec-10
%dif2
Interest on Advances
321248
308240
4.22
277681
259332
234651
36.9
Income on Investments
73268
64533
13.54
60272
57366
55800
31.3
Income on Balances With RBI
1842
4349
-57.65
1901
16
219
741.1
Others
1036
-

-
-512
3645
-71.58
Interest Earned
397394
377122
5.38
339854
316202
294315
35.02
Other Income
24041
24442
-1.64
29138
25458
21369
12.5
Total Income
421435
401564
4.95
368992
341660
315684
33.5
Interest Expended
264897
245821
7.76
228814
200088
179295
47.74
Employees Cost
39417
44898
-12.21
45421
52073
46125
-14.54
Net Intt Income
132497
131301
0.91
111040
116114
115020
15.19
Other Operating Expenses
24845
21740
14.28
20502
22303
19052
30.41
Operating Expenses
64262
66638
-3.57
65923
74376
65177
-1.4
Total Expendr excl.provis.
329159
312459
5.34
294737
274464
244472
34.64
Operating Profit
92276
89105
3.56
74255
67196
71212
29.58
Provisions
54372
50694
7.26
32663
35298
42711
27.3
Profit  before tax
37904
38411
-1.32
41592
31898
28501
32.99
Tax Expense
4092
6117
-33.1
7301
2969
2882
41.98
Net Profit
33812
32294
4.7
34291
28929
25619
31.98
Face Value(Rs.)
10
10
0
10
10
10
0
Paid-up Equity
57329
57329
0
57329
57329
52197
9.83
Capital Adequacy Ratio
11.48
11.8
-2.71
12.09
11.2
11.74
-2.21
Basic EPS
5.9
5.63
4.8
5.98
5.53
4.91
20.16
Gross/Net NPA
99250
105176
-5.63
101786
103084
94932
4.55
% of Gross/Net NPA
0.86
0.93
-7.53
0.93
0.97
0.95
-9.47
Return on Assets
0.86
0.83
3.61
0.9
0.84
0.76
13.16
Public holding (%)
30.53
30.53
0
30.53
30.53
33.53
-8.95

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