Tamilnad Mercantile Bank profit up 6% at Rs 402 cr in 2015-16

The bank has announced 500 bonus share for each share

Tamilnad Mercantile Bank has reported a 6% growth in net profit during 2015-16 at Rs 402.16 crore from Rs 379.40 crore a year ago.

Bank's MD and CEO H S Upendra Kamath said that it has been satisfying performance considering what is happening in the banking system.

Total business rose 17.70% to Rs 52,946.59 crore.

Deposits grew by 18.40% to Rs 30,368.88 crore from Rs 25,649.86 crore, a year ago.

Advances rose by 16.77% from Rs 19,335.95 crore to Rs 22,577.71 crore. The bank has set a target to reach Rs 60,000 crore business in 2016-17.

Gross NPA marginally rose to 1.86% from 1.63%. In terms of quantum gross NPA rose to Rs 418.94 crore from Rs 318.68 crore.

 

Net NPA rose to Rs 199.90 crore from Rs 128.96 crore. In percentage terms it rose to 0.89% from 0.67%.

Provisional coverage was 72%. In absolute terms it was Rs 323.40 crore from Rs 228 crore.

The board which took charge in March this year has declared bonus share of 500 for each share.

Book value of the share/cost of a share rose to Rs 1,03,656 a share from Rs 91,203 last year. Networth rose to Rs 2,948.54 crore from Rs 2,594.31 crore, a year ago.