Tamilnad Mercantile Bank Q3 results: Profit rises marginally to Rs 284 cr

Private sector Tamilnad Mercantile Bank has reported a net profit of Rs 284 crore for the October-December 2023 quarter, the bank said on Monday.

The Tuticorin-based bank had reported a net profit at Rs 280 crore during the corresponding quarter of the last financial year.

The bank's total income during the quarter under review grew to Rs 1,387 crore from Rs 1,173 crore registered in the same period last year.

The total business of the bank during the October-December 2023 quarter surged to Rs 85,185 crore from Rs 78,242 crore in the same period last year.

In a BSE filing, the bank said it has been giving continued thrust on advances to priority sectors like agriculture, micro, small and medium enterprises, and housing constituting 75 per cent of the Adjusted Net Bank Credit (ANBC) which is above the regulatory requirement of 40 per cent.

During the quarter ending on December 31, 2023, the bank said it had opened six branches and a new current account scheme 'TMB RERA Current Account' for builders and land developers.

The bank also launched new loan products 'TMB Home Elite' and 'TMB Mini Lap' during the period, the statement added.