Tamilnad Mercantile Bank Ltd has posted a 64 per cent growth in net profit at Rs 189 crore for the six-month period ended September 30, 2012, as against Rs 115 crore in the comparable previous-year period.

The board of directors of the bank has approved an interim dividend of 9,000 per cent (Rs 900 per share of Rs 10 face value).

Net interest income rose by 38 per cent to Rs 113 crore, and the net interest margin too went up to 4.3 per cent from 4.05 per cent last year.

Total business has grown by 30 per cent to Rs 33,400 crore (Rs 25,800 crore). Gross NPAs (non-performing assets) have come down from 1.58 per cent to 1.52 per cent.

According to a press release, the bank is planning to expand its branch network to 330 (from the current 300) and ATMs to 500 (from 400) by the end of the current financial year.


(This article was published on November 19, 2012)
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