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The Tamilnad Mercantile Bank has reported a 79 per cent growth in net profit at Rs 91 crore in the first quarter of the current fiscal.
The transition at the helm - with Mr A. K. Jagannathan vacating office as CEO and Managing Director in May and the appointment of his successor known only a month later - did not affect the performance of the Tuticorin-headquartered bank.
Deposits grew 27.84 per cent to Rs 17,649 crore and advances 37 per cent, to Rs 14,553 crore.
Asked to comment on the performance, its Chief Executive, Mr Nagendra Murthy, who assumed office early this month, said that much of the growth had come from interest income. “Our credit-deposit ratio has been hovering at over 81 per cent from the start of this fiscal compared with 71-72 per cent last fiscal. This is proof enough to show that we have not had idle funds,” he added.
Prior to his appointment as MD, he was General Manager (Credit) in the bank.
He said the bank would focus on the micro, small and medium enterprises in Tier II and III towns in the coming days and on improving its CASA (Current Account, Savings Account). The bank plans to open 50 branches this fiscal.
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