Tamilnad Mercantile Bank rose 2.65% to Rs 443.55 after the bank's standalone net profit jumped 10.85% to Rs 303.18 crore on 14.62% increase in total income to Rs 1,564.88 crore in Q2 FY25 over Q2 FY24.
Net interest income (NII) increased by 11.82% year on year (YoY) to Rs 596crore in the quarter ended 30 September 2024. Net interest margin (NIM) increased to 4.25% in Q2 FY25 from 4.10% in Q2 FY24, an increase by 15 bps.Operating profit gained 27.4% to Rs 465 crore in Q2 FY25 from Rs 365 crore posted in Q2 FY24.
On the asset quality front, gross non-performing assets (NPAs) amounted to Rs 584.45 crore as of 30 September 2024 as against Rs 643.84 crore as on 30 September 2023 and Rs 587.66 crore as on 30 June 2024.
Gross NPA ratio was 1.37% as of 30 September 2024 as against 1.70% as on 30 September 2023. Net NPA ratio was 0.99% as of 30 September 2024 as against 0.46% as on 30 September 2023.
Provision coverage ratio (PCR) stood at 92.56% as of 30 September 2024.
Deposits of the bank stood at Rs 49,342 crore as of 30 September 2024, recording a growth of 4.29% YoY. Total advances of the bank stood at Rs 42,533 crore as of 30 September 2024, up by 12.59% YoY.
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CRAR stood at 29.59 as at 30 September 2024 as against 26.04% as of 30 September 2023.
Tamilnad Mercantile Bank is one of the renowned old private sector banks. TMB has a pan India presence with 536 branches, 1,149 ATMs and 324 CRMs.
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