Tamilnad Mercantile Bank Announces Q1FY24 Results Net Profit Zooms by 11.5%

The Board of Directors of Tamilnad Mercantile Bank Ltd took on record the Unaudited results of the Bank for the First quarter of FY24 in their meeting held at Thoothukudi on 24.07.2023.

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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 100+ 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 536 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 took on record the Unaudited results of the Bank for the First quarter of FY24 in their meeting held at Thoothukudi on 24.07.2023. Shri. S.Krishnan, Managing Director and CEO of the bank declared results. Chief Financial Officer, General Managers and other senior officials of the Bank were also present at the event.

Bank’s Results at a glance                                                                                     (₹ in Crores)

Parameters    June

2022 (Q1)


2023 (Q1)



Total Deposit (₹)43,23347,0088.73%
Total Advances (₹)33,82337,29210.26%
Total Business (₹)77,05684,3009.40%
Retail, Agri & MSME (RAM)29,74933,57412.86%
Net Profit (₹)234.21261.2311.54%
Gross NPA (%)1.69%1.56%
Net NPA (%)0.93%0.66%
Provision Coverage Ratio88.08%90.49%

The total business of the bank at the first quarter ended June 2023 stood ₹84,300 Crores with a growth rate of 9.40%.

The Bank’s deposit and advance portfolio stood at ₹47,008 Cr and ₹37,292 Cr respectively.

Key Highlights of the Performance:

  • Net worth has increased to ₹7190 crore from ₹5427 crore Y-o-Y
  • Book value of share has increased to ₹454 from ₹381 Y-o-Y
  • Net profit has surged to ₹261 crore from ₹234 crore Y-o-Y
  • Interest Income has improved to ₹1156 crore from ₹1002 crore Y-o-Y
  • Non Interest Income has moved to ₹167 crore from ₹140 crore Y-o-Y
  • The RAM segment has increased to 90% from 88% Y-o-Y
  • GNPA has declined to 1.56% from 1.69% Y-o-Y
  • NNPA has dropped to 0.66% from 0.93% Y-o-Y

Credit to Priority & MSME Sector:

  • The Bank has been giving continued thrust on advances to Priority Sectors like Agriculture, MSME, Education, Housing etc. constituting 75% of its ANBC, above the regulatory requirement of 40%.
  • The Advances to Priority sector has increased to ₹27,805 Crores (PY ₹24,839 Crores) with a growth rate of 12%.
  • The Bank’s Advances to Agriculture sector stood at ₹12,231 Crores. The Advances to Agriculture Sector constitute 32.80% of total advances, above the regulatory requirement of 18%.
  • Credit to MSME sector has increased to ₹13,311 Crores (PY ₹12,588 Crores).

Y-O-Y Performance: (Q1FY24 viz-a-viz Q1FY23)

  • The Bank’s deposits has increased to ₹47,008 crores (PY same period ₹43,233 crores)
  • The advance level of the Bank has increased to ₹37,292 crores with a growth rate of 10.26%
  • The Operating Profit is at ₹379.90 Crores for Q1FY24 as against ₹374.40 Crores for Q1FY23
  • The Net Profit is at ₹261.23 crores for Q1FY24 as against Q1FY23 ₹234.21 Crores) registering the growth rate of 11.54%.
  • Return on Asset at 1.85% & Return on Equity at 14.80% (PY 1.83% and 17.41% respectively)
  • The Bank’s Net worth increased to ₹7190 crores (PY ₹5,427 crores) with an absolute rise of ₹1,763 crores registering a growth rate of 32.49%
  • The Gross NPA as a percentage to total advances stood at 1.56% and net NPA stands at 0.66%. (PY 1.69% and 0.93% respectively)
  • Provision Coverage Ratio of the Bank increased to 90.49% (PY 88.08%)

New initiatives

  • We have opened 6 branches during the Q1FY24.
  • To tap the emerging MSME market with focused attention, MSME Loan processing HUB has been started at Chennai, Madurai, Coimbatore and Thoothukudi.
  • Jewel Loan in the Lend Perfect – End to End process flow of Jewel Loan automation resulted in significant reduction in process time.

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