Money & Banking

TMB’s net profit soars 140 per cent in H1

LN Revathy Coimbatore | Updated on November 12, 2019

Tamilnad Mercantile Bank has registered a 140.8 per cent growth in net profit during the first half of the current fiscal, when compared to the corresponding period of the earlier fiscal.

The bank’s net profit stood at ₹151.07 crore as of September 2019-end, against the ₹62.74 crore clocked during the year-ago period.

Operating profit, on the other hand, grew only by 7 per cent to ₹440.07 crore (₹411.24 crore). CASA grew by 14.4 per cent to ₹8,728.59 crore (₹7,629.82 crore), and total business by 11.7 per cent to ₹60,852.48 crore (₹5,4481.26 cr).

While the gross NPA was marginally up from 4.64 per cent (September 2018-end) to 4.91 per cent, net NPA in percentage terms remained at 2.40 per cent.

After reviewing the results for the first half, KV Ramamoorthy, Managing Director and CEO of the 98-year-old bank, said itwill continue to focus on CASA growth, credit growth with specific thrust on retail banking, and leverage technology and HR for business development for enhancing delivery efficiency of all banking services.

During the second half of this fiscal, the bank will set up 29 more eLobbies, introduce AI-powered chatbot, and launch national common mobility card (NCMC).

The bank is targeting a total business of ₹72,500 crore and net profit of ₹360 crore in the current fiscal.

Published on November 12, 2019

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