Syndicate Bank gallops on strong Q4 numbers

The bank announced Q4 results during trading hours today, 2 May 2013.

Meanwhile, the S&P BSE Sensex was up 230.81 points or 1.18% at 19,734.99.

The stock surged on high volumes. On BSE, 9.22 lakh shares were traded in the counter as against average daily volume of 90,054 shares in the past one quarter.

The stock hit a high of Rs 130.70 and a low of Rs 120.45 so far during the day. The stock had hit a 52-week high of Rs 145.20 on 15 January 2013. The stock had hit a 52-week low of Rs 84.05 on 23 May 2012.

The stock outperformed the market over the past one month till 30 April 2013, surging 9% compared with the Sensex's 3.55% rise. The scrip had, however, underperformed the market in past one quarter, declining 9.99% as against Sensex's 2.5% fall.

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

Syndicate Bank's ratio of gross non-performing assets (NPAs) to gross advances declined to 1.99% as on 31 March 2013 from 2.31% as on 31 December 2012 and 2.53% as on 31 March 2012. The ratio of net NPAs to net advances also declined to 0.76% as on 31 March 2013 from 0.85% as on 31 December 2012 and 0.96% as on 31 March 2012.

Syndicate Bank's provisions and contingencies declined 45.82% to Rs 363.79 crore in Q4 March 2013 over Q4 March 2012.

The bank's provision coverage ratio edged up to 83.41% as on 31 March 2013, from 80.06% as on 31 March 2012.

The bank's capital adequacy ratio (CAR) as per Basel II norms improved significantly to 12.59% as on 31 March 2013, from 11.38% as on 31 December 2012 and 12.24% as on 31 March 2012.

Syndicate Bank's net profit surged 52.61% to Rs 2004.42 crore on 11.93% growth in total income to Rs 18295.04 crore in the year ended 31 March 2013 (FY 2013) over the year ended 31 March 2012 (FY 2012).

Syndicate Bank's consolidated net profit jumped 67.86% to Rs 2206.39 crore on 13.16% growth in total income to Rs 18495.77 crore in FY 2013 over FY 2012.

Syndicate Bank's board of directors at a meeting held today, 2 May 2013, recommended dividend of Rs 6.70 per share for FY 2013.

The Government of India holds 66.17% stake in Syndicate Bank (as per the shareholding pattern as on 31 March 2013).

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