Syndicate Bank climbs over 10% post Q2 results

NEW DELHI: Shares of Syndicate Bank climbed over 10 per cent in early trade on Wednesday after the public sector lender on Tuesday reported 27 per cent rise in its July-September quarter profit to Rs 105 crore against Rs 83 crore in the corresponding quarter last year.

Net interest income (NII) of the bank increased by 6.70 per cent on year-on-year basis to Rs 1,649 crore in Q2FY18 over Rs 1,545 crore in Q2FY17.

Asset quality of the lender also improved in the quarter gone by. Gross non-performing assets (NPA) stood at Rs 20177 crore as of September 30, 2017 as against Rs 20,184 crore as of June 30, 2017. Net NPA stood at Rs 11,894 crore as on September 30, 2017 as against Rs 12,188 crore as on June 30, 2017.

Gross NPA ratio of syndicate bank came at 9.39 per cent for the quarter ended September 30, 2017 as against 9.96 per cent in the sequential quarter ended June 30, 2017. Net NPA ratio decreased to 5.76 per cent from 6.27 per cent during the same period.

The provision coverage ratio as on September 30 stood at 56.21 per cent, the filing added.

The scrip was trading 10.92 per cent up at Rs 91.45 around 9.55 am (IST). Shares of the company opened at Rs 90.65 and touched a high and low of Rs 94 and Rs 90, respectively, in trade so far. Benchmark BSE Sensex was trading 304 points, or 0.92 per cent, up at 33,517 at around the same time.