Syndicate Bank reports net profit of Rs251cr for Q2FY20

The loss in the June quarter was at Rs980.46cr.

Oct 31, 2019 10:10 IST India Infoline News Service

Shares of Syndicate Bank rose 7% on Thursday after the company reported robust results for quarter ended September 2019.

The company reported profit at Rs251cr for Q2FY20 vs. a loss of Rs1,542.5cr in the year-ago period. The loss in the June quarter was at Rs980.46cr.

Gross NPAs came down marginally to 11.45% from 11.76% qoq. Net NPAs stood at 5.98% vs. 5.96% qoq and 6.83% yoy.

Stock View:

Syndicate Bank is currently trading at Rs30.25 up by Rs1.95 or 6.89% from its previous closing of Rs28.30 on the BSE.

The scrip opened at Rs29.80 and has touched a high and low of Rs30.55 and Rs29.20 respectively. So far 31,33,644 (NSE+BSE) shares were traded on the counter. The current market cap of the company is Rs7,594.94cr.

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