Syndicate Bank posts standalone net loss at Rs1,543cr in Q2FY19 vs. net profit of Rs105cr yoy : Misses Estimates

The bank’s standalone NII stood at Rs1,572cr, down 4.7% yoy but up 4.39% qoq.

Oct 31, 2018 11:10 IST India Infoline Research Team

Syndicate Bank Q2FY19

Standalone Results Q2FY19: ( cr)

Q2FY19 YoY (%)
NII 1,572 [4.7]
GNPA (%) 13 359
Provisions 2,217.26 148.8
Net Loss (adjusted) 1,543 -
***GNPA change is bps
Syndicate Bank's Q2FY19 revenue has declined by 8.3% yoy to Rs5,889cr. Its NII came at Rs1,572cr, which has declined by 4.7% yoy. Syndicate Bank, for Q2FY19, has reported net loss of Rs1,543cr, as against profit of Rs105cr reported yoy, which was below consensus estimates due to increase in provisions. Its GNPA for Q2FY19 stood at ~13% against 12.59% qoq, which has increased by 39bps. NNPA for the quarter came at 6.83% against 6.64% qoq, which has increased by 19bps.
  • The provisions for the quarter has increased by  149% to Rs2,217cr.

Technical View:

Syndicate Bank ended at Rs. 34.75, down by 0.3 points or 0.86% from its previous closing of Rs. 35.05 on the BSE.
The scrip opened at Rs. 36.20 and touched a high and low of Rs. 36.60 and Rs. 33.55 respectively. A total of 1,99,59,588 (NSE+BSE) shares were traded on the counter. The stock traded above its 200 DMA.

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