Tamilnad Mercantile Bank Q2 Results: Profit Rises 10.84%

Private sector Tamilnad Mercantile Bank has reported a 10.84 per cent rise in its net profits for the July-September quarter at Rs 303.18 crore, the bank said on Tuesday.

The Tuticorin-based over century-old bank had registered net profits of Rs 273.51 crore during the corresponding quarter of last year.

For the six-month period ending Sept. 30, the net profits surged to Rs 590.47 crore, from Rs 534.74 crore registered in the year ago period.

Total income during the quarter under review grew to Rs 1,564.88 crore, from Rs 1,365.22 crore registered in the corresponding quarter of last year. For the half year ending Sept. 30, the total income went up to Rs 3,079.75 crore as against Rs 2,688.11 crore registered in the year ago period.

In a statement, the bank said the Gross Non-Performing Assets decreased to 1.37% by 33 basis points, from 1.70% as on Sept. 30 while net NPA fell to 0.46% from 0.99%.

The Net Interest Margin increased to 4.25% from 4.10%, an increase of 15 basis points.

Total business of the bank during the July-September 2024 quarter rose to Rs 91,875 crore, up by 7.97% from Rs 85,092 crore recorded in the same period of last year.

During the half year period ending Sept. 30, 2024 the bank opened 15 new branches.

Tamilnad Mercantile Bank has a total presence of 567 branches, 12 regional offices and serves more than 5 million customers, the statement added.