Syndicate Bank, one of the leading Indian
nationalised banksslipped on Wednesday as the profit growth of
50.4% was not driven by improvement in revenue or margins but
because of tax remittance of Rs 1.75 billion.
The bank reported a rise of 50.4% in net profit of Rs 5.08 billion for the quarter ended Dec. 31, 2012 as compared with Rs 3.38 billion for the same period in the previous year. Total income has gone up 6.21% to Rs 42.21 billion for the quarter ended Dec. 31, 2012 from Rs 39.74 billion in the year ago period.The bank's profit before tax went down by 11.82% to Rs 3.34 billion due to higher provisioning. The bank has made provision of Rs 5.3 billion, up 16.81% from ayear ago period.
Shares ofthe bankare trading at Rs
131.95, down Rs 7.65, or 5.48% at the Bombay Stock Exchange (BSE)
on Wednesday at 2:53 p.m.The scrip has touched an intra-day high of
Rs 144.65 and low of Rs 128.05. The total volume of shares traded
at the BSE is 1,531,583.In the earlier session, the shares declined
1.34%, or Rs 1.9, at Rs 139.60. Currently, the stock is trading
down 9.13% from its 52-week high of Rs 145.20 and above 56.99% over
the 52-week low of Rs 84.05.
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