Tamilnad Mercantile Bank's net profit jumped 37.86% to Rs 279.70 crore despite of 3.34% decline in total income to Rs 160.76 crore in Q3 FY23 over Q3 FY22.
Net Interest Income increased by 18% year on year (YoY) to Rs 534.27 crore in the quarter ended 31 December 2022. Net Interest Margin stood at 4.50% in Q3 FY23 as against 4.03% posted in Q3 FY22.Operating profit rose marginally to Rs 404.81 crore in Q3 FY23 from Rs 401.12 crore posted in Q3 FY22.
Provisions (other than tax) and contingencies slipped 70.80% YoY to Rs 32.93 crore during the period under review.
On the asset quality front, Gross NPAs amounted to Rs 591.08 crore as of 31 December 2022 as against Rs 985.56 crore as on 31 December 2021 and Rs 593.34 crore as on 30 September 2022.
Gross NPA ratio was 1.70% as of 31 December 2022 as against 3.08% as on 31 December 2021 and 1.70% as on 30 September 2022
Net NPA ratio was 0.75% as of 31 December 2022 as against 1.44% as on 31 December 2021 and 0.86% as on 30 September 2022.
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Provision Coverage Ratio (PCR) stood at 89.83% as of 31 December 2022 as against 83.71% as of 31 December 2021 and 88.58% as of 30 September 2022.
Slippage ratio was at 0.19% as of 31 December 2022 as against 0.24% as of 31 December 2021 and 0.23% as of 30 September 2022.
Deposits of the bank stood at Rs 43,440 crore as of 31 December 2022, recording a growth of 3.34% YoY. Total advances of the bank stood at Rs 34,802 crore as of 31 December 2022, up by 8.77% YoY.
CASA deposits of the bank stood at Rs 12,851 crore as of 31 December 2022, recording a growth of 10.15% YoY. CASA ratio stood at 29.58% as of 31 December 2022 as against 27.76% as on 31 December 2021.
CRAR stood at 24.44% as at 31 December 2022 as against 18.73% as of 31 December 2022. Out of total CRAR, CET-1 was 22.85%.
Tamilnad Mercantile Bank is one of the renowned old private sector banks. TMB has a pan India presence with 511 branches, 1,147 ATMs and 304 CRMs.
The scrip shed 0.18% to currently trade at Rs 478.90 on the BSE.
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