Tamilnad Mercantile Bank (TMB) has registered a total business of Rs.24,679 crore in the 12 months ended March 31, 2011, a growth rate of 23.17 per cent over the previous year. The net profit has improved by 36 per cent to Rs.250.90 from Rs.184.53 crore, according to A. K. Jagannathan, Managing Director and Chief Executive Officer.

Speaking to reporters recently he said that these achievements were possible following the business strategies adopted by the management. The deposit portfolio recorded a growth of 18.5 per cent during the year to touch Rs.13,808 crore. Advances stood at Rs.10,871 crore and registered a growth of 29.7 per cent. Sustaining the core earnings growth, interest income recorded a year-on-year growth of 22.6 per cent. Non-interest income has grown to Rs.188.34 crore from Rs.172.80 crore. Sixty-six new branches and 115 ATMs would also be launched in the coming days, Mr. Jagannathan said. The bank opened its 236th branch at Chengam in Thrivuvannamalai district, Tamil Nadu on May 14.

More In: Companies | Business