According to ICICIdirect.com, Syndicate Bank to report a 34.9 percent degrowth quarter-on-quarter (down 36.4 percent Y-o-Y) in net profit at Rs 294.6 crore.
ICICIdirect.com has come out with its second quarter (July-September) earnings estimates for the banking sector. The brokerage house expects Syndicate Bank to report a 34.9 percent degrowth quarter-on-quarter (down 36.4 percent Y-o-Y) in net profit at Rs 294.6 crore.
Net-interest income of Syndicate Bank are expected to decrease by 2.9 percent Q-o-Q (down 6.6 percent Y-o-Y) to Rs 1,299 crore, according to ICICIdirect.com.
ICICIdirect.com's Report on Syndicate Bank:
We expect pace of business growth to moderate further to 15.7 percent Y-o-Y. Loans are expected to increase at 16.5 percent.
Margins are expected to slide to 2.7 percent (down 10 bps Q-o-Q). Asset quality concerns are expected to stay with slippages likely to remain elevated. Around Rs 1,500 crore of fresh restructuring related to discoms may come up in Q2.
Profit is estimated at Rs 295 crore (down 36 percent YoY), owing to Rs 40 crore MTM provisions and lower other income.
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