TMB Announces Dividend of Rs 10/share
FinTech BizNews Service
Mumbai, April 23, 2024: Tamilnad Mercantile Bank announced financial results for the quarter ended on Q4FY24 on Monday.
Bank’s Performance Highlights
1. Total Business has increased to Rs 89,485 crore from Rs85,348 crore Y-o-Y
2. CASA has increased to Rs 14,676 crore from Rs 13,736 crore Y-o-Y
3. Book Value of Share has increased to Rs500 from Rs438 Y-o-Y
4. Net profit has surged to Rs1,072 crore from Rs1,029 crore Y-o-Y
5. Interest income has improved to Rs4,848 crore from Rs4,081 crore Y-o-Y
6. Total income has moved to Rs5,493 crore from Rs4,710 crore Y-o-Y
7. The RAM segment has increased to 91% from 87% Y-o-Y
8. The CRAR% has increased to 29.37% from 26.26% Y-o-Y
9. Total SMA to Gross Advances has reduced to 3.97% from 6.51% Y-o-Y
10. Stressed Assets ratio has decreased to 2.70% from 3.18% Y-o-Y
Rs in Crore
Parameters | March 2023 (Q4) | March 2024 (Q4) | Growth – YoY % |
CASA | 13,736 | 14,676 | 6.84% |
Total Deposits | 47,766 | 49,515 | 3.66% |
Total Advances | 37,582 | 39,970 | 6.35% |
Total Business | 85,348 | 89,485 | 4.85% |
Retail, Agri & MSME (RAM) | 32,760 | 36,484 | 11.37% |
Networth | 6,928 | 7,921 | 14.33% |
Book Value (Rs) | 437.53 | 500.23 | - |
Gross NPA | 1.39% | 1.44% | - |
Net NPA | 0.62% | 0.85% | - |
Provision Coverage Ratio | 90.90% | 87.52% | - |
ROA | 1.97% | 1.84% | - |
ROE | 16.78% | 14.44% | - |
EPS (Rs) | 68.06 | 67.70 | - |
CRAR | 26.26% | 29.37% | - |
FY 2023-24 Performance
§ CASA has increased by Rs940 crore to Rs14,676 crore as at 31st March 2024 from Rs13,736 crore
as YoY basis.
§ The Bank’s deposit has increased to Rs49,515 crores (PY same period Rs47,766 crores)
§ The advance level of the Bank has increased to Rs39,970 crore with a growth rate of 6.35%
§ The Net Profit is at Rs1072 crores as on 31.03.2024 as against Rs1029 Crores for the year ended 31.03.2023 registering the growth rate of 4.18%.
§ The Net Interest Income (NII) has increased to Rs2,151 crore as on 31.03.2024 (Rs2,094 Crores as on 31.03.2023) registering a growth rate of 2.72%.
§ Return on Asset at 1.84 % & Return on Equity at 14.44 % (PY 1.97 % and 16.78% respectively)
§ The Bank’s Net worth increased to Rs7921 crores (PY Rs6,928 crores) with an absolute rise of
Rs 993 crores registering a growth rate of 14.33 %
§ The Gross NPA as a percentage to Total Advances stood at 1.44 % and Net NPA stands at
0.85 %. (PY 1.39% and 0.62 % respectively)
Q4 FY2023-24 Performance
Ø During the Quarter ended March’24 – CASA increased by 5.85% over the previous
Quarter (Q3FY24)
Ø During Q4 the total deposits increased by 5.80% over the previous quarter (Q3FY24) & by 3.66 % over the Q4FY23.
Ø While the advances of the Bank increased by about 4.13% during Q4FY24 over the position as on the previous quarter (Q3FY24), it increased by 6.35% over the position as on Q4 of FY2022-23.
Ø The Net Interest Income during the Q4FY24 increased by 5.59% over the corresponding
previous Quarter (Q3FY24).
Dividend Recommendation
Ø Board of Directors of the bank has recommended the payment of final dividend of Rs.10/- (100%) per equity share of the face value of Rs.10 each for the financial year 2023-24 subject to the approval of the shareholders at the ensuing AGM of the Bank.
New initiatives
v Opened 22 branches during the financial year 2023-24. We have plans to open another 50 branches in the financial year 2024-25.
v To tap the emerging MSME Market with focused attention, MSME Loan Processing HUB has been started at Ahmedabad, Bengaluru, Chennai, Coimbatore, Hyderabad, Madurai, Mumbai, Thoothukudi, Trichy, Salem
v Launched Enhanced Business Correspondent (BC) Services.
