Syndicate Bank drops after 3-day 7.7% rally

Syndicate Bank fell 0.96% to Rs 98.35 at 12:18 IST on BSE, with the stock sliding on profit booking after 3-day 7.75% rally, triggered by the state-run bank announcing strong Q1 results.

Meanwhile, the BSE Sensex was down 91.40 points or 0.53% to 17,165.98.

On BSE, 9,578 shares were traded in the counter as against average daily volume of 65,868 shares in the past one quarter.

The stock hit a high of Rs 99.65 and a low of Rs 98 so far during the day. The stock had hit a 52-week low of Rs 67.45 on 30 December 2011. The stock had hit a 52-week high of Rs 121 on 14 March 2012.

The stock had underperformed the market over the past one month till 1 August 2012, falling 6.98% compared with the Sensex's 0.99% fall. The scrip had also underperformed the market in past one quarter, declining 3.73% as against Sensex's 0.35% fall.

The mid-cap public sector bank has an equity capital of Rs 601.95 crore. Face value per share is Rs 10.

Shares of Syndicate Bank rallied 7.75% in three trading sessions to settle at Rs 99.30 on Wednesday, 1 August 2012, from a recent low of Rs 92.15 on 27 July 2012, after the state-run bank announced strong Q1 results during trading hours on 30 July 2012.

Syndicate Bank's net profit rose 28.4% to Rs 440.22 crore on 21.4% growth in total income to Rs 4478.06 crore in Q1 June 2012 over Q1 June 2011.

Syndicate Bank's net interest margin (NIM) rose to 3.19% as on 30 June 2012, up from 3.16% as on 30 June 2011.

Syndicate Bank's Capital Adequacy Ratio (CAR) (as per Basel II norms) stood at 11.72% as on 30 June 2012, lower than 12.24% as on 31 March 2012 and 12.09% as on 30 June 2011. The bank's gross non-performing assets (NPA) ratio stood at 2.38% of gross advances as on 30 June 2012, lower than 2.53% as on 31 March 2012 and 2.39% as on 30 June 2011. The net NPA ratio was at 0.93% of net advances as on 30 June 2012, lower than 0.96% as on 31 March 2012 and same as 0.93% as on 30 June 2011.

Syndicate Bank said the domestic business rose 15.03% to Rs 257715 crore in Q1 June 2012 over Q1 June 2011. Domestic deposits rose 15.97% to Rs 145283 crore in Q1 June 2012 over Q1 June 2011. Domestic advances rose 13.84% to Rs 112432 crore in Q1 June 2012 over Q1 June 2011. Savings deposits rose by 8.8% to Rs 34275 crore in Q1 June 2012 over Q1 June 2011. Domestic CASA (current and saving account) deposits increased by Rs 2929 crore, forming 30.44% of total domestic deposits, Syndicate Bank said in a statement.

In overseas business, Syndicate Bank's London branch business rose 48.14% to Rs 28732 crore in Q1 June 2012 over Q1 June 2011. Advances at London branch rose 42.06% to Rs 16739 crore in Q1 June 2012 over Q1 June 2011. Deposits at London Branch rose 57.55% to Rs 11993 crore in Q1 June 2012 over Q1 June 2011.

Syndicate Bank's global business rose 17.67% to Rs 286447 crore in Q1 June 2012 over Q1 June 2011. Global deposits rose 18.35% to Rs 157276 crore in Q1 June 2012 over Q1 June 2011. Global advances rose 16.85% to Rs 129171 crore in Q1 June 2012 over Q1 June 2011. Global credit deposit ratio stood at 82.13%, the bank said in a statement.

Syndicate Bank's consolidated net profit rose 28.4% to Rs 440.65 crore on 21.4% growth in total income to Rs 4478.06 crore in Q1 June 2012 over Q1 June 2011.

The Government of India holds 66.17% stake in Syndicate Bank (as per the shareholding pattern as on 30 June 2012).

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