 "Tamilnad Mercantile Bank's Q4 net rises 36%, total income increases 9%")
Tuticorin-based Tamilnad Mercantile Bank Ltd, one of the oldest private sector banks in India, has posted a 36 per cent increase in net profit for FY22 at Rs 822 crore, as compared to Rs 603 crore during the previous year.
During the period under review, the bank’s total income increased 9 per cent to Rs 4,656 crore as compared to Rs 4,253 crore for the previous financial year. During FY22, the net NPA of the bank decreased to 0.95 per cent against 1.98 per cent for the year FY21. During the period, gross NPA too, came down to 1.69 per cent from 3.44 per cent.
The lender's operating profit rose 27 per cent to Rs 1,527 crore for FY22 as compared to Rs 1,202 crore for the previous year. The final dividend recommended was around Rs 10 per share, coming to 100 per cent dividend in the centenary year.
The total business of the bank increased by 8.86 per cent for FY22 to Rs 78,424.65 crore as compared to Rs 72,040.02 crore for the previous year. During the financial year under review, deposits increased by 9.67 per cent to Rs 44,933.11 crore as compared to Rs 40,970.42 crore for the previous year. The bank’s total advances rose 7.8 per cent to
Rs 33,491.54 crore during the year under review, as compared to Rs 31,069.6 crore in the previous year. The total interest earned increased 6.23 per cent to Rs 3,833.86 crore for FY22 as compared to Rs 3,609.05 crore for the previous year.
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