Syndicate Bank gallops after impressive Q2 numbers

Syndicate Bank spurted 10.98% to Rs 91.50 at 10:59 IST on BSE after net profit rose 27.68% to Rs 105.24 crore on 2.36% decline in total income to Rs 6419.21 crore in Q2 September 2017 over Q2 September 2016.

The result was announced after market hours yesterday, 31 October 2017.

Meanwhile, the S&P BSE Sensex was up 358.99 points or 1.08% at 33,572.12.

On the BSE, 17.65 lakh shares were traded on the counter so far as against average daily volumes of 10.53 lakh shares in the past two weeks. The stock had hit a high of Rs 94 and a low of Rs 90 so far during the day.

Syndicate Bank's gross non-performing assets (NPAs) stood at Rs 20176.64 crore as on 30 September 2017 as against Rs 20183.85 crore as on 30 June 2017 and Rs 16056.73 crore as on 30 September 2016.

The ratio of gross NPAs to gross advances stood at 9.39% as on 30 September 2017 as against 9.96% as on 30 June 2017 and 7.72% as on 30 September 2016. The ratio of net NPAs to net advances stood at 5.76% as on 30 September 2017 as against 6.27% as on 30 June 2017 and 5.03% as on 30 September 2016.

The bank's provisions and contingencies rose 3.12% to Rs 891.16 crore in Q2 September 2017 over Q2 September 2016.

The bank's provision coverage ratio as on 30 September 2017 stood at 56.21%.

Syndicate Bank said it has made pro rata provisions of Rs 172.60 crore during the current quarter (Q2 September 2017) in accordance with the Reserve Bank of India's (RBI) direction of initiation of insolvency resolution process in respect of 12 accounts under the provisions of Insolvency and Bankruptcy Code.

Syndicate Bank is a state-run bank.

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