TMB's FY10 net up by 23%

Tamilnad Mercantile Bank (TMB) has surpassed the Rs 19,000 crore mark in respect of total business in the year ended March 31, 2010 at Rs 19,927 crore a rise of 23.5 per cent over the previous year,

G Nagamal Reddy, MD and CEO of the bank said that deposits grew by 21.7 per cent to Rs 11, 639 crore, which was over and above the industry growth rate of 17 per cent. Advances (net) crossed Rs 8, 288 crore an increase of 26.1 per cent as against the industry growth rate of 16.7 per cent.

Advances to priority sector rose to Rs 3,685.68 crore from Rs 2,758.20 crore. Advances to agriculture at Rs 1,475.36 crore constituted 22.1 per cent of the bank’s net bank credit. Bank’s net profit stood at Rs 184.53 crore. an increase of 23 per cent rise.

Meanwhile, the bank had tied up with IDBI Bank to facilitate remittance of direct as well as indirect taxes through the bank at a nominal fee of Rs 30. Foreign exchange business of the bank has increased to Rs 7,605 crore from Rs 5,781 crore. Financial assistance to the tune of Rs 2,150 crore has been extended to micro, small and medium enterprises, said Reddy.