Tamilnad Mercantile Bank reports Rs 284 crore net profit in third quarter

Tamilnad Mercantile Bank (TMB) on Monday posted a marginal rise of 1 per cent in net profit to Rs 284 crore during the third quarter of the financial year 2023-24, from Rs 280 crore in the same period of the previous year.

The bank's total income increased by 18 per cent to Rs 1,387 crore during the quarter under review, compared with Rs 1,173 crore in the corresponding quarter last year. In terms of asset quality, the lender's gross non-performing assets (GNPAs) were at 1.69 per cent in December 2023, slightly lower than 1.70 per cent in the year-ago period. The net NPA was at 0.98 per cent during Q3 of FY24, up from 0.75 per cent in the third quarter of FY23.

 

The total business of the bank for the period under review was Rs 85,185 crore, a 9 per cent increase from Rs 78,242 crore in Q3 of FY23. The bank's deposit and advance portfolio stood at Rs 46,799 crore and Rs 38,386 crore, respectively, as of December 2023. The bank's deposits rose to Rs 46,799 crore, from Rs 43,440 crore in the previous financial year. The advance level of the bank reached Rs 38,386 crore, marking a year-on-year growth rate of 10.30 per cent.

The bank's current account and savings account (CASA) increased by Rs 1,014 crore to Rs 13,865 crore as of December 2023, from Rs 12,851 crore on a year-on-year basis. The bank's net worth rose to Rs 7,668 crore, up from Rs 6,741 crore last year, an absolute increase of Rs 927 crore, registering a growth rate of 13.75 per cent.