|Sportstar Aces Awards 2023 | VOTE FOR TOP CATEGORIES

Tamilnad Mercantile Bank Q3 net profit rises by 38% to ₹280 cr

January 23, 2023 06:24 pm | Updated January 26, 2023 10:10 am IST - CHENNAI

S. Krishnan, MD & CEO of Tamilnad Mercantile Bank is seen along with P.A. Krishnan, CFO. Photo: Special Arrangement

S. Krishnan, MD & CEO of Tamilnad Mercantile Bank is seen along with P.A. Krishnan, CFO. Photo: Special Arrangement

Private sector lender Tamilnad Mercantile Bank Ltd. (TMB) standalone net profit for the quarter ended December rose by 38% to ₹280 crore due to increase in net interest income and improvement in asset quality, said S. Krishnan, MD & CEO.

Addressing the media, he said the net interest income increased to ₹534 crore from ₹453 crore. Net interest margin rose to 4.50% from 4.03%.

During the quarter, total income marginally declined to ₹1,173 crore from ₹1,213 crore, of which interest income accounted for ₹1,012 crore and non-interest income ₹161 crore.

The Gross NPA as a percentage to total advances contracted to 1.70% from 3.08% and net NPA declined to 0.75% from 1.44%. Provision Coverage Ratio increased to 89.83% from 83.71%.

Mr. Krishnan said the slippages during the quarter was ₹66.52 crore and it was offset by cash recoveries of ₹68.78 crore.

The total business rose by 5.69% to ₹78,242 crore, of which deposit accounted for ₹43,440 crore. Advances to RAM sector accounted for 89% representing ₹31,102 crore. The capital adequacy ratio rose to 24.44%.

“We opened two branches during the third quarter and plans are on to open another 25 branches before the end of current fiscal,” he said.

Top News Today

Comments

Comments have to be in English, and in full sentences. They cannot be abusive or personal. Please abide by our community guidelines for posting your comments.

We have migrated to a new commenting platform. If you are already a registered user of The Hindu and logged in, you may continue to engage with our articles. If you do not have an account please register and login to post comments. Users can access their older comments by logging into their accounts on Vuukle.