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Shares of Syndicate Bank rallied 14% in Wednesday's trade as the bank has posted 27.68 per cent higher profit at ₹105.24 crore for the second quarter (Q2) of the financial year 2017-18, compared with ₹82.42 crore in the same period last year.
Total income of the bank fell 2.36 per cent to ₹6,419.21 crore from ₹6,574.83 crore in the corresponding year-ago quarter, Syndicate Bank had said in a BSE filing on Tuesday.
Following a positive open at Rs 90.65 against the previous close of Rs 82.45, the shares touched an intraday high of Rs 94 and a low of Rs 88.80 on the BSE. In terms of equity volume, 28.44 lakh shares exchanged hands on the BSE.
Syndicate Bank shares ended higher by 8.61 per cent at Rs 89.55 on the BSE. On the NSE, the stock rallied 8.79 per cent at Rs 89.75.
Earlier in August this year, Melwyn Rego, MD and CEO, Syndicate Bank , had said that the aim is to bring down gross non-performing assets (NPA) to 8.75 per cent from the current level of 9.96 per cent and net NPAs to 5 per cent from the present level of 6.27 per cent in the near future.
Heavy provisioning for bad assets had dragged down the bank’s profitability during the first quarter ended June 30, 2017. The bank posted a net loss of Rs. 263.19 crore in Q1 of 2017-18, compared to a profit of Rs. 79.13 crore in the same period last year.
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