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Tamilnad Mercantile Bank net profit jumps to ₹303 Crore

29 Oct 2024 , 10:32 AM

Tamilnad Mercantile Bank Ltd (TMB) recorded a solid Q2 FY2025, with net profit increasing by 10.6% to ₹303 Crore from ₹274 Crore previous year.

Operating profit grew by 27.4% to ₹465 Crore from ₹365 Crore in Q2 FY2024. The bank’s net interest income (NII) increased 11.9% to ₹596 Crore, indicating effective interest management and loan growth. 

The bank’s asset quality improved significantly, with Gross NPA down to 1.37% from 1.70% and Net NPA down to 0.46% from 0.99% year on year, indicating better credit quality and risk management.

Non-interest income increased by 45.5% to ₹227 Crore, driven by increased fee-based operations. Additionally, the bank’s net worth increased by 14.2%, hitting ₹8,430 Crore. 

Tamilnad Mercantile Bank continues its statewide development, opening 15 new branches in H1 FY2025. The RAM (Retail, Agriculture, and MSME) category expanded by 14.6%, underscoring the bank’s concentration on core lending areas.

Management stated that recent digital initiatives, such as the rollout of GST payment capabilities, are expected to improve the customer experience and drive growth.

Tamilnad Mercantile Bank Limited is an Indian bank headquartered in Thoothukudi, Tamil Nadu. TMB was formed in 1921 as the Nadar Bank, but was renamed Tamilnad Mercantile Bank in November 1962 to broaden its appeal beyond the Nadar population.

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