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Tamilnad Mercantile Bank Ltd Financial Results for the third quarter2022-23 (Q3)

Tamilnad Mercantile Bank Ltd (TMB) 

Financial Results of the Bank for thethird quarter2022-23 (Q3)

(Net Profit zoomed by 38%)

Tamilnad Mercantile Bank Ltd (TMB) one of the renowned Old Private Sector Banks, having its Head Quarter in Thoothukudi has a long cherished history of 100+ years of eventful existence with strong fundamentals and an enviable track record of continuous profit making in the industry.

TMBhaving pan India presence with 511 branchesand12 Regional Offices across 16 states and 4 Union Territories servesmore than 5 million delighted customers.

The Board of Directors of Tamilnad Mercantile Bank Ltd took on record the reviewed results of the Bankfor the third quarter of FY23 and nine months period ended December 2022intheirmeeting held atChennai on23.01.2023. Shri. S.Krishnan, Managing Director and CEOof the bank declared results. Chief Financial Officer,General Managersand other senior officials of the Bank were also present at the event.

Bank’s Results at a glance(₹ in Crores)

Parameters December 2021 (Q3) December 2022 (Q3) Growth

YoY

CASA (₹) 11,667 12,851 10.15%
Total Advances (₹) 31,995 34,802 8.77%
Net Profit (₹) 202.88 279.70 37.86%
Net Interest Income 452.76 534.27 18.00%
Gross NPA (₹) 985.56 591.08 – 40.03%
Gross NPA (%) 3.08% 1.70%
Net NPA (₹) 452.36 259.10 – 42.72%
Net NPA (%) 1.44% 0.75%
Provision Coverage Ratio 83.71% 89.83%
ROA 1.62% 2.00%
ROE 16.38% 17.14%
EPS 14.12% 17.66%
CRAR 18.73% 24.44%

The total business of the bank at the third quarter endedDecember 2022stood at₹78,242Crores with a growth rate of 5.69%.

The Bank’s depositand advance portfolio stood at ₹43,440Cr and₹34,802Crrespectively.

 Credit to Priority& MSME Sector:

  • The Bank has been giving continuedthrust on advances to Priority Sectors like Agriculture, MSME, Education, Housingetc. constituting 79.67%of its ANBC, above the regulatory requirement of 40%.
  • The Advances to Priority sector has increased to ₹25,636Crores (PY ₹23,235Crores)with a growth rate of 10.33%.
  • The Bank’s Advances to Agriculture sector stood at₹10,620Crores.The Advances to Agriculture Sector constitute 30.52% of total advances, abovethe regulatory requirement of 18%.
  • Credit to MSME sector has increased to₹12,870Crores(PY ₹11,986Crores) with a growth rate of 7.38%.

Y-O-Y Performance: (Q3FY23 viz-a-viz Q3FY22)

  • The Bank’s deposits has increased to ₹43,440crores (PY same period₹42,035crores)
  • The Bank’s CASA position has increased to₹12,851crores with a growth rate of 10.15%
  • The advance level of the Bank has increased to ₹34,802crores witha growth rate of 8.77%
  • The Operating Profit is at₹404.81Crores for Q3FY23 as against₹401.12Crores for Q3FY22
  • The Net Profit is at ₹279.70crores for Q3FY23 as against Q3FY22₹ 202.88Crores)registering the growth rate of 37.86%.
  • The Net Interest Income (NII) has increased to ₹534.27 for Q3FY23Crores (Q3FY22 ₹452.76Crores) registering a growth rate of 18%.
  • Return on Asset at 2%& Return on Equity at 17.14% (PY 1.62% and 16.38% respectively)
  • The Bank’s Net worth increased to ₹6,583crores (PY ₹4,966crores) with an absolute rise of ₹1,617crores registering a growth rate of 32.56%
  • The Gross NPA as a percentage to total advances stood at1.70% andnet NPA stands at 0.75%.(PY 3.08% and 1.44% respectively)
  • Provision Coverage Ratio of the Bank increased to 89.83% (PY83.71%)

 New initiatives

  • Opened two branches during the Q3FY23. We have plans to open another 25 branches before the end of the current fiscal year.
  • Tied up with Max life Insurance Company Limited, Bajaj Allianz Life Insurance Company Limited, Chola MS General Insurance Company Limited and Kotak General Insurance Company Limited for insurance products
  • The Bank has embarked into various digital tie ups for providing many digital services to our customers in a phased manner during the rest of the fiscal year

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