Sustained growth over previous fiscal

: Tamilnad Mercantile Bank Limited has recorded a sustained growth over the previous fiscal.

The bank has achieved a total business of Rs.36,480 crore with a growth rate of 18.10 per cent during 2012-13, according to K.B. Nagendra Murthy, Managing Director and Chief Executive Officer.

With a 40.46 per cent growth, the net profit surpassed the previous fiscal. Net profit rose to Rs.440.28 crore by March-end of 2013.

The net interest income also witnessed an increasing trend with a growth of 32.16 per cent over last year.

Addressing a press conference on the bank’s financial performance for 2012-13 here on Wednesday, he said deposits recorded a growth of 18.20 per cent during the fiscal and touched Rs.20, 224 crore, which was higher than the industry level growth of 13.5 per cent. He said the advances crossed Rs.16, 256 crore with a growth of 17.98 per cent as against the industry level growth rate.

While productivity measured by business per employee improved from Rs.10. 82 crore to Rs.11.50 crore, business per branch grew from Rs.110.84 crore to Rs.114.46 crore.

With the improvements, profit per employee has increased from Rs.10.98 lakh to Rs.13.88 lakh.

As for credit to priority sectors, he said thrust was being given to agriculture, small and medium enterprises, education and housing.

Advances to the priority sector had increased from Rs.5941.96 crore to Rs.7441.95 crore, which was 53.55 per cent of the total advances against the mandated minimum requirement of 40 per cent. As for agriculture, advances had increased to Rs.2902.08 crore from Rs. 2298.42 crore and the result constituted 20.88 per cent of the bank’s adjusted net bank credit.

On business plans projected for 2013-14, he said 60 new branches would be opened to add its network to 380 and 130 more ATM centres to add its strength to 600.