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
|
* *
* E N D *
* *
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