Home / Companies / News / Tamilnad Mercantile Bank H1 profit up 60% to Rs 242 cr, GNPAs drop 25%

Tamilnad Mercantile Bank H1 profit up 60% to Rs 242 cr, GNPAs drop 25%

The bank is stringly focused on priority sector, which constitutes 75.64% of its adjusted net banking credit, and are above the regulatory norm of 40%

In each strategic sector, no more than four state-owned companies will exist

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Net NPA dropped by 46.24 per cent to Rs 335.61 crore from Rs 624.29 crore, while in per centage terms it dropped to 1.16 per cent from 2.40 per cent

T E Narasimhan Chennai

2 min read Last Updated : Nov 19 2020 | 8:46 PM IST

Tamilnad Mercantile Bank Ltd (TMB) has reported a 60 per cent jump in net profit to Rs 241.54 crore during the half year ended September 2020, from Rs 151.07 crore during the same period last year.

The total business of the bank for the half-year ended September 2020 was up 9.72 per cent at Rs 66,765.27 crore. Its deposits and advances stood at Rs 37,161.40 crore and Rs 29,603.87 crore respectively.

Gross NPA dropped 25 per cent to Rs 1,010.53 crore from Rs 1,346.65 crore, in per centage dropped to 3.41 per cent from 4.91 per cent. Bank's provision coverage ratio increased

Topics : Tamilnad Mercantile Bank Banking sector

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