Tamilnad Mercantile Bank to add 40 more branches

Private sector Tamilnad Mercantile Bank Limited is planning to open about 40 branches across the country, including eight in Andhra Pradesh, during the current financial year. At present, the bank has 213 branches, 11 extension counters and 125 ATMs in the country.

At a press conference here on Monday, G Nagamal Reddy, managing director and chief executive officer of Tamilnad Mercantile Bank, who took charge last week, said the focus of the bank would be on CASA, retail and SME segments.

The bank is targeting a total business of Rs 20,000 crore by the end of March 2010 and Rs 50,000 crore by the end of March 2013. It is currently working on introducing various facilities like e-tax payments, e-commerce activities, bancassurance, biometric ATMs, online share trading facility during the current financial year, he said.

Total business of the bank for the last fiscal was Rs 60,232 crore that included deposits of Rs 9,566 crore and Rs 6,667 crore in advances. It expects a profit after tax of about Rs 156 crore during the period.

The bank’s capital adequacy ratio was 14.03 per cent. Its gross non- performing assets were down to 1.81 per cent for the year ended March 31, 2009, as compared with 2.25 per cent the previous year, he said.