Tamilnad Mercantile Bank FY22 profit grows 36%to ₹822 crore

A file photo of a mobile ATM of Tamilnad Mercantile Bank. RAJESH N

A file photo of a mobile ATM of Tamilnad Mercantile Bank. RAJESH N

Tamilnad Mercantile Bank Ltd. posted net profit growth of 36% to ₹821.91 crore for FY22, compared with the previous year, as per the latest annual report.

The bank also gave notice for its 100th Annual General Meeting (including the 98th and 99th ones) on June 9, 2022.

In FY22, the bank's total business rose 8.86% to ₹78,424.65 crore.

Both gross NPAs and net NPAs declined; gross NPAs as a percentage of total advances dipped to 1.69% from 3.44%, the bank said. Net NPAs decreased to 0.95% from 1.98%.

Total deposits rose 9.67% to ₹44,933.11 crore and total advances increased 7.8% to ₹33,491.54 crore.

At its board meeting held on April 29, 2022, the bank recommended a final dividend of ₹6 per equity share for FY22 and a special dividend of ₹4 in commemoration of the centenary year milestone.

On September 4, 2021, the bank had filed for an Initial Public Offering of up to 15,840,000 equity shares of face value of ₹10 each.

The proposed offer includes a fresh issue of 15,827,495 shares and an Offer for Sale of up to 12,505 shares.

The offer will constitute 10% of the bank’s post offer paid-up equity share capital. The bank's issued and paid-up capital stood at ₹142.51 crore as on March 31, 2022.

It proposes to utilise the net proceeds from the fresh issue towards augmenting its tier 1 capital base to meet future capital requirements.

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Printable version | Jul 4, 2022 7:12:20 am |