Tamilnad Mercantile Bank's net profit has increased to Rs. 111.39 crore during the half year ended September 30, 2010 from Rs. 68.47 crore in the year-ago period.
Total deposits increased by 19.9 per cent to Rs. 11,723.51 crore from Rs. 9,774.45 crore and advances by 25.3 per cent to Rs. 8,737.61 crore from Rs. 6,973.53 crore.
Total business of the bank has grew by 22.2 per cent to Rs.20,461.12 crore from Rs.16,747.98 crore.
The CASA (current account, savings account) deposit has increased by 25.6 per cent to Rs.2941.92 crore from Rs.2341.58 crore.
A.. K.Jagannathan, Managing Director and Chief Executive Officer, Tamilnad Mercantile Bank, has informed that the bank was able to recover NPAs (non-performing assets) of Rs.25.30 crore (Rs.21.70 crore) during the half year.
CASA deposits
The bank gives continued thrust on the growth of CASA deposits. To attract high networth individuals (HNI's) the bank has recently launched “TMB Royal Savings Bank Account scheme” with value added services
The bank is also confident of achieving the total business of Rs.26,000 crore before March 2011. It plans to venture into Bancassurance tie-up for life insurance business.
