The Hindu Business Line : TMB full year net rises 20%

Madurai, May 27 The Tuticorin-based Tamilnad Mercantile Bank (TMB) posted a net profit of Rs 126.74 crore, registering a growth rate of 19.81 per cent for the year ended March 31, 2008.

Both deposits and advances of the bank recorded a robust growth of 27.42 per cent and 31.72 per cent.

The total income of the bank has recorded a y-o-y growth of 23.70 per cent to reach Rs 891.71 crore. The net worth of the bank has risen to Rs 858.29 crore and the capital to risk adjusted assets ratio (CRAR) stood at 15.41 per cent, more than the minimum level of 9 per cent, stipulated by the RBI.

The net NPA declined from 0.98 per cent to 0.38 per cent.

The new initiatives for the current year include opening 17 more branches, introduce two mobile banking branches, open 97 more ATMs, introduce a reverse mortgage product for senior citizens etc, Mr G. Narayana Moorthy, Managing Director and CEO of the bank, said in a press release.

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