Tamilnad Mercantile Bank Ltd (TMB) one of the renowned Old Private Sector Banks, having its Head Quarter in Thoothukudi has a long-cherished history of 102 years of eventful existence with strong fundamentals and an enviable track record of continuous profit making in the industry.
TMB having pan India presence with 567 branches and 12 Regional Offices across 17 states and 4 Union Territories serves more than 5 million delighted customers.
The Board of Directors of Tamilnad Mercantile Bank Ltd approved the Unaudited Financial Results of the Quarter and Half Year Ended September 30,2024 in their meeting held at Thoothukudi on 28.10.2024. Shri. Salee S Nair, Managing Director and CEO of the bank declared the results. Executive Director, Chief Financial Officer, General Managers and other senior officials of the Bank were also present at the event.
The Bank continues to exhibit strong performance on all fundamental parameters.
Bank’s Performance Highlights (Year on Year)
Operating Profit has improved to Rs 465 crore from Rs 365 crore, registering a growth of 27.40%.
Net profit has surged to Rs 303 crore from Rs 274 crore, up by 10.58%.
The NIM has increased to 4.25% from 4.10%, an increase by 15 bps.
Non Interest Income has improved to Rs 227 crore from Rs 156 crore, an increase of 45.51%.
Gross NPA has decreased to 1.37% from 1.70%, improved by 33 bps.
Net NPA has decreased to 0.46% from 0.99%, improved by 53 bps.
PCR has increased to 66.40% from 41.96%
Total SMA to Gross Advances has reduced to 4.16% from 5.59%, came down by 143 bps.
ROA has improved to 1.94% from 1.89%
The CRAR % has increased to 29.59% from 26.04%, improved by 355 bps.
Book value of share has increased to Rs 532 from Rs 466.
The Bank has opened 15 New Branches during H1FY25.
Shri. Salee S Nair has Joined the Bank as a MD & CEO on 29.08.2024 from SBI. Prior to this appointment, he served as Deputy Managing Director & Chief Credit Officer at SBI.
Shri. Vincent Menachery has Joined the Bank as Executive Director on 27.09.2024 from SBI. Prior to this appointment, he served as Chief General Manager at SBI.