Tamilnad Mercantile Bank net profit grows 57.7% to Rs 408 cr in FY20

Tamilnad Mercantile Bank Limited (TMB) has posted 57.7 per cent growth in net profit at Rs 407.69 crore in 2019-20 from Rs 258.58 crore the previous year. Total business grew 4.7 per cent to Rs 65,061 crore from Rs 62,154.67 crore.

Gross NPAs of the bank came down 12.6 per cent to Rs 1,020.98 crore, or 3.62 per cent of gross advances, from Rs 1168.11 crore (4.32 per cent) the previous year. Net NPAs were down 21.85 per cent to Rs 497.47 crore (1.80 per cent) in FY 20, as compared to Rs 636.54 crore (2.40 per cent).

The bank has been