Syndicate Bank declines on reporting 31% drop in Q4 net profit

Syndicate Bank is currently trading at Rs 103.20, down by 3.65 points or 3.42% from its previous closing of Rs 106.85 on the BSE. The scrip opened at Rs 107.50 and has touched a high and low of Rs 107.95 and Rs 102.25 respectively. So far 504765 shares were traded on the counter. The BSE group 'A' stock of face value Rs 10 has touched a 52 week high of Rs 137.60 on 21-May-2013 and a 52 week low of Rs 61.05 on 20-Aug-2013. Last one week high and low of the scrip stood at Rs 108.35 and Rs 100.80 respectively. The current market cap of the company is Rs. 6714.28 crore. The promoters holding in the company stood at 67.39% while Institutions and Non-Institutions held 19.83% and 12.78% respectively. Syndicate Bank has reported results for fourth quarter and year ended March 31, 2014. The bank has posted a fall of 30.90% in its net profit at Rs 409.30 crore for the quarter ended March 31, 2014 as compared to Rs 592.34 crore for the same quarter in the previous year.  However, total income of the bank has increased by 12.06% at Rs 5357.40 crore for quarter under review as compared to Rs 4780.75 crore for the quarter ended March 31, 2013. For the full year ended March 31, 2014, the bank has reported a fall of 14.61% in its net profit after tax at Rs 1711.46 crore as compared to Rs 2004.42 crore for FY13. However, total income increased by 9.01% at Rs 19945.21 crore for year under review as compared to Rs 18295.05 crore for the year ended March 31, 2013. For the year ended March 31, 2014, on the consolidated basis, the bank has posted a fall of 15.92% in its net profit at Rs 1855.08 crore as compared to Rs 2206.39 crore in FY13. However, total income of bank has increased by 8.60% at Rs 20087.72 crore for year under review as compared to Rs 18495.78 crore for the period ended March 31, 2013.