MUMBAI: L-R: Mr S Krishnan, MD & CEO, Tamilnad Mercantile Bank Ltd with Mr P A Krishnan, CFO, TMB During the press conference for announcement the Bank’s Q4FY23 Financial Results in Mumbai at ITC Maratha, on Monday. 24.04.2023 -Photo By GPN
Tamilnad Mercantile Bank Ltd, MD & CEO, Mr S Krishnan address the press conference during announcement of TMB Q4FY23 Financial Results in Mumbai on Monday. 24.04.2023 – Photo By GPN
Asset quality also improved with the gross non-performing assets as a percentage of gross advances falling 31 bps sequentially to 1.39 percent, and net NPAs declining 130 bps QoQ to 0.62 percent as of March FY23.
TMB plans to grow its deposits by 8 to 10 per cent and its advances by 12 to 13 per cent in FY24.
The bank also has reported highest ever operating profit and net interest income for the year at Rs 1,573 crore and Rs 2,094 crore, rising 4 percent and 15 percent over the previous year, respectively.
MUMBAI, 24 APRIL, 2023 (GPN): Thoothukudi headquartered Private Sector Lender Tamilnad Mercantile Bank on Monday on Monday posted an 11 per cent surge to Rs 253.05 crore for the quarter ended March 31, 2023, against Rs 226.95 crore in the year-ago period. According to a statement shared with stock exchanges, the total income rose 4.5 per cent to Rs 1,254 crore in the reviewed quarter, against Rs 1,200 crore in the corresponding quarter of the previous year. Total expenditure went up 3 per cent to Rs 849.60 crore, against Rs 774.27 crore in the year-ago period.
For the financial year 2022-23, TMBL said it has recorded highest ever profit at Rs 1,029 crore, growing 25 percent over the previous year.
The bank also has reported highest ever operating profit and net interest income for the year at Rs 1,573 crore and Rs 2,094 crore, rising 4 percent and 15 percent over the previous year, respectively.
Operating profit dropped 6 per cent to Rs 404.41 crore in the reviewed quarter, against Rs 426.39 crore in the year-ago period. As stated in the press release, the bank’s board of directors recommended a final dividend of Rs 5 per equity share, in addition to an interim dividend of Rs 5 per share paid on March 6, 2023, for the year ended March 31, 2023, subject to requisite approval.
In September last year, Tamilnad Mercantile Bank announced the appointment of Krishnan Sankarasubramaniam as the managing director and chief executive officer with effect from September 4, 2022, for three years, approved by the Reserve Bank of India (RBI), pursuant to its letter of approval dated August 18, 2022.
“We have deposits at Rs 47,766 crore at the end of March FY23, rising 6 percent over the previous year, while advances in the same period grew by 11 percent to Rs 37,582 crore,” the bank said in its filing to exchanges.
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