The total business of Tamilnad Mercantile Bank (TMB) at the end of fiscal year 2017 was ₹54,162.47 crore with a growth rate of 2.30 % on year-on-year basis.
The bank’s deposit portfolio recorded a growth rate of 6% to touch ₹32,190.15 crore and the advances level stood at ₹21,972.32 crore, S. Annamalai, Chairman, Board of Directors, TMB, told a press conference here on Wednesday.
With the bank’s office being headquartered in Thoothukudi, it has been giving a continued thrust on advances to priority sectors like agriculture, MSME, education and housing. The advances to priority sector increased from ₹11,976.95 crore to ₹12,960.75 crore with a growth rate of 8.21 %.
The advances to agriculture sector stood at ₹4,330.39 crore and it constituted 18.46 % of total advances, which is higher than the regulatory requirement of 18 %. Further, he said credit to MSME sector had increased from ₹7,041.57 crore to ₹7,559.55 crore with a growth rate of 7.36 %.
Besides, interest income during the year increased from ₹3,252.17 crore to ₹3,380.96 crore and other incomes were to the tune of ₹430.39 crore.
While net interest income increased from ₹1,044.01 crore to ₹1,150.81 crore, the gross non-performing asset (NPA) as a percentage to total advances is 2.91 %. The level of net NPA was 1.74 % of the total advances.
On the major initiative taken during that fiscal, he said an MoU was signed with National Small Industries Corporation in December 2016 to provide credit facilities to MSME entrepreneurs.
As for business plan targets in 2017-18 fiscal year, the bank's total business was aimed at crossing ₹60,000 crore. Ten more e-lobbies would be set up during this fiscal, he said.
