Syndicate Bank advanced further on Thursday on good buying support following the impressive results announced by the state-run bank.

By 12:15 IST, the Syndicate Bank scrip was up by 3.57% at Rs 26.10 on the BSE, recovering from its intra-day low of Rs 25.40. A substantial volume of 18 lakh shares changed hands on the counter. The scrip has risen by 29% in the last 14 sessions, from Rs 20.25 on 24 April 2003.

SBL unveiled its fourth quarter as well as full year results for the period ended 31 March 2003 in the afternoon.

For Q4, the bank posted a massive 347% rise in net profit to Rs 100.19 crore (Rs 1 billion), compared to Rs 22.42 crore in the corresponding period of the previous year. Total income rose by 15.35% to Rs 942.91 crore (Rs 9.42 billion) from Rs 817.4 crore (Rs 8.17 billion) in MQ 2002.

For FY 2002-03, the bank recorded a 37.5% rise in net profit to Rs 344.13 crore (Rs 3.44 billion) on a 6.7% increase in total income to Rs 3,370.25 crore (Rs 33.7 billion). The bank's board also recommended a dividend of 15% (Rs 1.50 per share having a face value of Rs 10) for FY 2002-03. On a dividend of Rs 1.50 per share, the dividend yield at the current market price works out to 5.74%.

Earlier, SBL decided to return the Government of India's capital in the bank to the extent of Rs 100 crore (Rs 1 billion). The total equity of SBL is at Rs 471.97 crore (Rs 4.71 billion). As on 31 March 2003, GoI held 73.52% equity stake in SBL, while the public and institutions held 23.53% and 1.19% respectively.