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 565 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 Ended June 30,2024 in their meeting held at Thoothukudi on 02.08.2024. Shri. C. Chiranjeeviraj, Independent Director, who is authorized by the Board, declared the results and the Bank issued this press release.
The Bank continues to exhibit strong performance on all fundamental parameters.
Bank’s Performance Highlights
Ø Operating Profit has increased to ₹469 crore from ₹380 crore Y-o-Y
Ø Net profit has surged to ₹287 crore from ₹261 crore Y-o-Y
Ø The NIM has increased to 4.12% from 4.00% Y-o-Y
Ø Interest income has improved to ₹1,281 crore from ₹1,156 crore Y-o-Y
Ø Non Interest Income has improved to ₹234 crore from ₹167 crore Y-o-Y
Ø Total income has moved to ₹1,515 crore from ₹1,323 crore Y-o-Y
Ø The CRAR% has increased to 29.21% from 26.57% Y-o-Y
Ø Book Value of Share has increased to ₹520 from ₹454 Y-o-Y
Ø Total Business has increased to ₹90,041 crore from ₹84,300 crore Y-o-Y
Ø CASA has increased to ₹13,789 crore from ₹13,101 crore Y-o-Y
Ø The RAM segment has increased to 92% from 90% Y-o-Y
Ø Total SMA to Gross Advances has reduced to 4.98% from 7.16% Y-o-Y
Ø Stressed Assets ratio has decreased to 2.55% from 3.21% Y-o-Y
| Parameters | June 2023 (Q1) | June 2024 (Q1) | Growth – YoY % | ||||
| CASA | 13,101 | 13,789 | 5.25% | ||||
| Total Deposits | 47,008 | 49,188 | 4.64% | ||||
| Total Advances | 37,292 | 40,853 | 9.55% | ||||
| Total Business | 84,300 | 90,041 | 6.81% | ||||
| Retail, Agri & MSME (RAM) | 33,574 | 37,614 | 12.03% | ||||
| Networth | 7,190 | 8,244 | 14.66% | ||||
| Book Value (₹) | 454 | 520 | 14.54% | ||||
| Gross NPA | 1.56% | 1.44% | -12 Bps | ||||
| Net NPA | 0.66% | 0.65% | -1 Bps | ||||
| ROA (Annualised) | 1.85% | 1.88% | 3 Bps | ||||
| ROE (Annualised) | 14.80% | 14.22% | -58 Bps | ||||
| EPS (₹) (Not Annualised) | 16.50 | 18.14 | 9.94% | ||||
| CRAR | 26.57% | 29.21% | 264 Bps |
Q-O-Q Performance:
Ø The Bank’s deposits has increased to ₹49,188 crores (PY ₹47,008 crores)
Ø The advance level of the Bank has increased to ₹40,853 crores with a growth rate of 10% as YOY basis.
Ø The Net Profit is at ₹287 crores for the quarter Q1FY25 as against ₹261 crores for Q1FY24 registering the growth rate of 10% as YOY basis.
Ø The Net Interest Income is at ₹567 Crores for the quarter Q1FY25 as against ₹514 for Q1FY24 registering a growth rate of 10%.
Ø Return on Asset at 1.88% & Return on Equity at 14.22% for the reporting quarter. (Q1 FY 24 1.85% and 14.80% respectively)
Ø The Bank’s Net worth increased to ₹8,244 crores (PY ₹7,190 crores) with an absolute rise of ₹1054 crores registering a growth rate of 15%.
New initiatives
- The Bank has opened 10 New Branches (6 Branches in Tamilnadu and 4 Branches in Other States) during the Q1FY25.
- The Bank has Launched an Online Customer Portal for Foreign Exchange Operations facilities to customers.
- The Bank has Launched “TMB Apartment Savings Bank Account” for High-Net-Worth individuals residing in apartment / housing society / gated community.
- The Bank has launched Online Demat Account opening platform for customers.
Awards:
- The Bank has bagged Eight Atal Pension Yojana (APY) awards during the Current Quarter for its performance during Previous Financial Year.