Syndicate Bank up by 14 per cent on strong Q2 results

The share price of Syndicate Bank soared by 14 per cent to Rs. 94 per share in Wednesday’s trade as the bank announced its second quarter financial results, posting a significant improvement in its asset quality for the period.
 
The bank posted a non-performing assets (NPA) ratio of 9.39 per cent in the second quarter of FY18, lower from 9.96 per cent in the previous quarter. The net NPA of the bank decreased to 5.76 per cent in Q2FY18 as against 6.27 per cent in the previous quarter.
 
Further, the bank reported a 28 per cent hike in its profit in the quarter ended September to Rs. 105 crore on yearly basis. The bank posted a profit of Rs. 82 crore in the same quarter of the previous year. The bank’s net interest income also surged by 7 per cent to Rs. 1,649 crore from Rs. 1,545 crore in the corresponding quarter of the previous fiscal.
 
The bank’s stock breached its upper circuit of Rs. 90.65 per share and was trading close to its 52-week high of Rs. 94.90 per share on BSE. The stock witnessed a spurt in volume by more than 2.02 times on Wednesday. At 1211 hours IST, the stock was trading at Rs. 90.20 per share, higher by 9.40 per cent on BSE.