TUTICORIN: Tamilnad Mercantile Bank (TMB) has surpassed the Rs. 19,000-crore mark in respect of total business in the year ended March 31, 2010 at Rs. 19,927 crore a rise of 23.5 per cent over the previous year, G. Nagamal Reddy, Managing Director and CEO, said.
Addressing a press conference here on Monday, Mr. Nagamal Reddy said deposits recorded a robust growth of 21.7 per cent to touch Rs. 11, 639 crore, which was over and above the industry growth rate of 17 per cent. Advances (net) crossed Rs. 8, 288 crore and registered a growth of 26.1 per cent as against the industry growth rate of 16.7 per cent. Advances to priority sector rose to Rs. 3,685.68 crore from Rs. 2,758.20 crore. Advances to agriculture at Rs. 1,475.36 crore constituted 22.1 per cent of the bank's adjusted net bank credit. While the operating profit rose to Rs. 315.90 crore with a growth rate of 19 per cent, the net profit touched Rs. 184.53 crore registering a 23 per cent rise. The bank has tied up with IDBI Bank to facilitate remittance of direct as well as indirect taxes through the bank at a nominal fee of Rs. 30. Foreign exchange business of the bank has increased to Rs. 7,605 crore from Rs. 5,781 crore. Financial assistance to the tune of Rs. 2,150 crore has been extended to micro, small and medium enterprises.