Tamilnad Mercantile Bank Ltd (TMB) has reported a strong performance for the financial year ended March 31, 2023, with a growth rate of 25.18 per cent in net profit compared to the previous year. The bank’s deposit increased to ₹47,766 crores, while the advance level increased to ₹37,582 crores with a growth rate of 11.36 per cent.
The bank’s net worth also increased to ₹6,928 crores with an absolute rise of ₹1,592 crores, registering a growth rate of 29.84 per cent.
TMB has a pan-India presence with 530 branches and 12 regional offices serving over 5 million customers. The bank has tied up with Max Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Chola MS General Insurance Company Limited and Kotak General Insurance Company Limited for insurance products. The bank is also embarking upon digital transformation and business process re-engineering in the financial year 2023-24.
The Bank has reported a strong performance for the financial year 2022-23. The Bank’s deposits increased to ₹47,766 crores, while the advance level of the Bank increased to ₹37,582 crores with a growth rate of 11.36 per cent. The Bank’s operating profit rose to ₹1,573 crores, and its net profit grew to ₹1,029 crores, registering a growth rate of 25.18 per cent. The net interest income increased to ₹2,094 crores, registering a growth rate of 15.37 per cent. The Bank’s return on asset and return on equity also saw an improvement, with 1.97 per cent and 16.78 per cent respectively.
During the Q4 of FY2022-23, the Bank’s performance remained robust, with CASA increasing by 6.88 per cent over the previous quarter. The total deposits increased by 11.25 per cent over the previous quarter, and by 8.97 per cent over the Q4 of FY2022. While the advances of the Bank increased by about 8 per cent during Q4 of FY2022-23, the net interest income increased by 7.99 per cent over the corresponding period of FY2021-22. The Bank’s net profit for Q4 FY2022-23 was reported at ₹253.05 crores, higher by 11.45 per cent compared to the corresponding period of FY2021-22.
The Board of Directors of the Bank has also recommended a dividend of 100 per cent, of which 50 per cent has already been paid in Mar’23 as interim dividend. The Bank has also opened 21 new branches during the financial year 2022-23, with plans to open another 50 branches in the financial year 2023-24. Additionally, the Bank has tied up with Max Life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Chola MS General Insurance Company Limited, and Kotak General Insurance Company Limited for insurance products. The Bank is also embarking upon digital transformation and business process re-engineering during the year 2023-24.
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