Home Business Tamilnad Mercantile Bank reports 37% profit at Rs 262 crore in Q3

Tamilnad Mercantile Bank reports 37% profit at Rs 262 crore in Q3

The bank’s shares closed 6.2% higher at Rs 518 on BSE today. (file)

New Delhi:

Tamil Nadu Mercantile Bank (TMB) on Thursday reported 37 per cent rise in net profit for the July-September quarter of FY13, a rise in income and decline in bad loans to Rs 262 crore.

The bank had made a net profit of Rs 191 crore in the same period a year ago.

This is the first quarterly result after the Tamil Nadu-based bank’s shares were listed on the stock exchanges last month.

Total income during the quarter increased to Rs 1,141 crore from Rs 1,101 crore a year ago, TMB said in a regulatory filing.

Interest income rose to Rs 997 crore during the quarter, from Rs 950 crore in the same quarter a year ago.

Gross non-performing assets (NPAs) were reduced from 1.70 per cent of gross advances as on September 30, 2022 to 3.31 per cent at the end of September 2021.

Net NPAs also declined to 0.86 per cent from 1.82 per cent.

The fall in bad debt ratio helped reduce the provisions for NPAs and contingencies to Rs 34 crore for the second quarter of FY23 from Rs 39 crore a year ago.

The total business of the bank at the end of September 2022 stood at Rs 78,013 crore with a growth rate of 7.43 per cent.

The bank’s net interest margin stood at 4.47 per cent while the provision coverage ratio increased to 88.58 per cent.

On Thursday, the bank’s stock closed at Rs 518, up 6.21 per cent on the BSE.

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