Tamilnad Mercantile Bank records Q1 net profit at Rs 287.29 cr, up 9.97%

Chennai: Over century-old private sector Tamilnad Mercantile Bank has recorded a 9.97 per cent rise in its net profit for the April-June 2024 quarter at Rs 287.29 crore on account of rise in interest income.

The Tamil Nadu-based bank had registered a net profit of Rs 261.23 crore during the corresponding quarter of last year.

For the financial year ending March 31, 2024 the net profit stood at Rs 1,072.03 crore.

Total income during the April-June 2024 quarter went up to Rs 1,046.03 crore from Rs 942.98 crore registered in the year ago period.

For the financial year ending March 31, 2024 the total income stood at Rs 5,492.85 crore.

According to a press release, the bank's deposits rose to Rs 49,188 crore during the April-June 2024 quarter, from Rs 47,008 crore registered in the same quarter of last year.

The advances of the bank has increased to Rs 40,853 crore with a growth of 10 per cent year-on-year basis.

The Net Interest Income stood at Rs 567 crore for the April-June 2024 quarter, as against Rs 514 crore registered in the same quarter of last year.

Total business of the bank during the quarter increased to Rs 90,041 crore, from Rs 84,300 crore registered in the same quarter of last year. Return on Asset was 1.88 per cent while Return on Equity was 14.22 per cent.

During the quarter, the bank opened 10 new branches, six in Tamil Nadu and four in other states.

The bank also launched an online customer portal for foreign exchange operations facilities to customers.

During the quarter, TMB Apartment Savings Bank Account for high net worth individuals residing in apartment, housing society, gated community was launched.

Tamilnad Mercantile Bank Ltd currently has a presence of 565 branches, 12 regional offices across 17 states and four union territories and serves more than 5 million customers.