TMB Records Highest Ever Quarterly Net Profit of Rs2.84 Bn

Net Interest Income of Tamilnad Mercantile Bank is Rs537 Crores

S. Krishnan,

FinTech BizNews Service   

Mumbai, January 22, 2024: The Board of Directors of Tamilnad Mercantile Bank Ltd took on record the Unaudited results of the Bank for the Third quarter of FY24 in their meeting held at Thoothukudi on 22.01.2024. Shri. S.Krishnan, Managing Director and CEO of the bank declared results. Chief Financial Officer, General Managers and other Senior Executives of the Bank were also present at the event.

Key Highlights of the Performance for the Quarter ended 31st December 2023:

•  Net worth has increased to Rs7668 crore from Rs6741 crore Y-o-Y
•  Book value of share has increased to Rs484 from Rs426 Y-o-Y
•  Total Income has improved to Rs1387 crore from Rs1173 crore Y-o-Y
•  Net Profit has increased to Rs284 crore from Rs280 crore Y-o-Y
•  The RAM segment Advances has increased to 91% from 89% Y-o-Y
•  The Gross NPA has come down to 1.69% from 1.70% Y-o-Y
•  Total SMA to Gross Advances has reduced to 5.34% from 8.41% Y-o-Y

The total business of the bank for the third quarter ended 31st December 2023 stood Rs85,185 Crores with a growth rate of 8.87%.

The Bank’s deposit and advance portfolio stood at Rs46,799 Cr and Rs38,386 Cr respectively as at 31st December 2023.\

Credit to Priority & MSME Sector as on 31.12.2023:

•  The Bank has been giving continued thrust on advances to Priority Sectors like Agriculture, MSME, Education, Housing etc. constituting 75% of its ANBC, above the regulatory requirement of 40%.
•  The Advances to Priority sector has increased to Rs28,725 Crores (PY Rs25,636 Crores) with a growth rate of 12.05%.
•  The Bank’s Advances to Agriculture sector stood at Rs13,338 Crores. The Advances to Agriculture Sector constitute 34.75% of total advances, above the regulatory requirement of 18%.
•  Credit to MSME sector has increased to Rs13,064 Crores (PY Rs12,870 Crores) with a growth rate at 1.51%.

Y-O-Y Performance:

•  CASA has increased by Rs1,014 Crores to Rs13,865 crore as at 31st Dec’ 2023 from Rs12,851 crore as YOY basis.
•  The Bank’s deposits has increased to Rs46,799 crores (PY Rs43,440 crores)
•  The advance level of the Bank has increased to Rs38,386 crores with a growth rate of 10.30% as YOY basis.
•  The Net Profit is at Rs284 crores for the quarter Q3 FY 2024 as against Rs280 crores for Q3 FY 2023.
•  The Bank’s Net worth increased to Rs7668 crores (PY Rs6741 crores) with an absolute rise of Rs927 crores registering a growth rate at 13.75%.

New initiatives during Q3 FY 2024:

• Opened 6 branches during the Q3 FY24.
• Launched New Current Account Scheme “TMB RERA CURRENT ACCOUNT” for Real Estate sector business for builders and land developers / promoters.
• Launched a new Loan Product – “TMB HOME ELITE”.
• Launched a new Loan Product – “TMB MINI LAP”.

Tamilnad Mercantile Bank Ltd (TMB) one of the renowned Old Private Sector Banks, having its Head Quarter in Thoothukudi has a long-cherished history of 100+ years of eventful existence with strong fundamentals and an enviable track record of continuous profit making in the industry.

TMB having pan India presence with 547 branches and 12 Regional Offices across 17 states and 4 Union Territories serves more than 5 million delighted customers.