Tamilnad Mercantile Bank Ltd (TMB), a private sector bank headquartered in Thoothukudi, celebrated a century of remarkable history marked by steadfast fundamentals and a commendable track record of sustained profitability. Serving over 5 million satisfied customers across 17 states and 4 Union Territories through its 552 branches and 12 Regional Offices nationwide, TMB stands as a beacon of stability in the banking industry.
Shri. S. Krishnan, the Managing Director and CEO, announced the audited financial results for the quarter and fiscal year ending March 31, 2024.
The bank’s performance highlights showcased impressive figures, with total business reaching ₹89,485 crore, up from ₹85,348 crore year-on-year (YoY), and CASA increasing to ₹14,676 crore from ₹13,736 crore YoY. Additionally, the net profit surged to ₹1,072 crore from ₹1,029 crore YoY, reflecting the bank’s robust financial health and growth trajectory.
In the fiscal year 2023-24, Tamilnad Mercantile Bank witnessed significant growth across various parameters. CASA saw an increase of ₹940 crore, reaching ₹14,676 crore, while deposits rose to ₹49,515 crores, and advances reached ₹39,970 crore with a growth rate of 6.35 per cent. The net profit stood at ₹1,072 crores, reflecting a growth rate of 4.18 per cent.
Furthermore, the bank’s net interest income (NII) increased to ₹2,151 crore, registering a growth rate of 2.72 per cent, and the return on asset (ROA) and return on equity (ROE) stood at 1.84 per cent and 14.44 per cent, respectively. The gross NPA as a percentage of total advances stood at 1.44 per cent, indicating a healthy asset quality.
In the fourth quarter of FY 2023-24, TMB continued its growth trajectory, with CASA increasing by 5.85 per cent over the previous quarter and total deposits rising by 5.80 per cent. The bank also announced the recommendation of a final dividend of Rs. 10/- (100 per cent) per equity share for the financial year 2023-24, subject to shareholder approval at the ensuing AGM.
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TMB opened 22 branches during the financial year 2023-24 and plans to open another 50 branches in FY 2024-25. The bank has also launched a focused initiative to tap the emerging MSME market and enhanced its Business Correspondent (BC) services to serve its customers better.
