Tamil Nadu Mercantile Bank has reported a higher net profit of Rs. 178.56 crore for the nine months ended December 31, 2010 against Rs. 119.42 crore, a growth of 50 per cent. The operating profit was higher at Rs. 298.48 crore against Rs. 192.10 crore.
Net interest income was Rs. 386.40 crore against Rs. 262.22 crore. Other income amounted to Rs. 126.79 crore against Rs. 94.54 crore. Net interest margins stood higher at 4.12 per cent against 3.44 per cent. Deposits as on December 31, 2010 stood higher at Rs. 12,164.42 crore against Rs. 10,230.42 crore and advances at Rs. 9,459.30 crore against Rs. 7,507.64 crore.
To attract high networth individuals, the bank has recently launched TMB Royal Savings Bank account scheme with value-added services.