Tamilnad Mercantile Bank Achieves Record Q4 Net Profit of ₹1,072 Cr

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 552 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 Audited Financial  Results of the Quarter and Financial Year Ended March 31,2024 in their meeting held at Thoothukudi on 22.04.2024. 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’sPerformanceHighlights

1.    TotalBusinesshasincreasedto₹89,485crorefrom₹85,348croreY-o-Y

2.    CASAhasincreasedto₹14,676crorefrom₹13,736croreY-o-Y

3.    BookValueofSharehasincreasedto₹500from₹438Y-o-Y

4.    Netprofithassurgedto₹1,072crorefrom₹1,029croreY-o-Y

5.    Interestincomehasimprovedto₹4,848crorefrom₹4,081croreY-o-Y

6.    Totalincomehasmovedto₹5,493crorefrom₹4,710croreY-o-Y

7.    The RAMsegmenthasincreasedto 91% from87%Y-o-Y

8.    TheCRAR%hasincreasedto29.37%from26.26%Y-o-Y

9.    TotalSMAto GrossAdvanceshasreducedto 3.97%from6.51% Y-o-Y

10. StressedAssetsratiohasdecreasedto2.70%from3.18%Y-o-Y

₹in Crore

FY2023-24Performance

• CASAhas increasedby₹940croreto₹14,676croreasat31^stMarch2024from₹13,736croreas YoY basis.
• TheBank’sdeposithasincreasedto₹49,515crores(PYsameperiod₹47,766crores)
• TheadvanceleveloftheBankhasincreasedto₹39,970crorewithagrowthrateof6.35%
• The Net Profit is at ₹1072 crores as on 31.03.2024 as against ₹1029 Crores for the year ended 31.03.2023 registering the growth rate of 4.18%.
• The Net Interest Income (NII) has increased to ₹2,151 crore as on 31.03.2024 (₹2,094 Crores as on 31.03.2023) registering a growth rate of 2.72%.
• ReturnonAssetat1.84%&Returnon Equity at 14.44 % (PY 1.97 % and 16.78% respectively)
• The Bank’s Net worth increased to ₹7921 crores (PY ₹6,928 crores) with an absolute rise of ₹ 993 crores registering a growth rate of 14.33 %
• The Gross NPA as a percentage to Total Advances stood at 1.44 % and Net NPA stands at 0.85 %. (PY 1.39% and 0.62 % respectively)

Q4FY2023-24Performance

• DuringtheQuarterendedMarch’24–CASAincreasedby5.85%overthepreviousQuarter (Q3FY24)
• During Q4 the total deposits increased by 5.80% over the previous quarter (Q3FY24) &by3.66 % overthe Q4FY23.
• While the advances of the Bank increased by about 4.13% during Q4FY24 over the position as on the previous quarter (Q3FY24), it increased by 6.35% over the position as on Q4 of FY2022-23.
• The Net Interest Income during the Q4FY24 increased by 5.59% over the corresponding previous Quarter (Q3FY24).

DividendRecommendation

• BoardofDirectorsofthebankhasrecommendedthepaymentoffinaldividendof Rs.10/- (100%) per equity share of the face value of Rs.10 each for thefinancial year 2023-24 subject to the approval of the shareholders at theensuing AGMoftheBank.

Newinitiatives

• Opened 22 branches during the financial year 2023-24. We have plans to open another50branchesinthefinancial year2024-25.
• TotaptheemergingMSMEMarketwithfocusedattention,MSMELoanProcessingHUBhasbeenstartedatAhmedabad,Bengaluru,Chennai,Coimbatore,Hyderabad,Madurai,Mumbai,Thoothukudi,Trichy,Salem
• LaunchedEnhancedBusinessCorrespondent(BC)Services.
  

Also Read: TMB Celebrates 100+ Years of Profitable Banking History