Tamilnad Mercantile Bank reports Q1 net up by 11.53% at Rs 261.23 cr

Private sector Tamilnad Mercantile Bank has reported 11.53 per cent rise in its April-June quarter net at Rs 261.23 crore, the bank said on Monday.

The Tuticorin-based over Century old bank had registered net profit at Rs 234.21 crore during the corresponding period of last year.

Total business of the bank during the quarter under review grew

by 9.40 per cent to Rs 84,300 crore as compared to Rs 77,056 crore registered in the corresponding quarter of last year, the bank said in a statement.

The retail, agriculture and micro, small and medium enterprises (RAM) portfolio witnessed an increase of 12.86 per cent during April-June 2023 quarter at Rs 33,574 crore from Rs 29,749 crore registered in the same period of last year.

During the quarter ending June 30, 2023 the bank said it opened six branches.

To tap the emerging micro, small and medium enterprise market with focused attention, the bank said MSME Loan processing hub has been set up in Chennai, Madurai, Coimbatore and Tuticorin.