Tamilnad Mercantile Bank profit up by 27% in 2014-15 to Rs 379.4 cr

Total Business grew by 12.3%

Tamilnad Mercantile Bank has reported a 27 per cent growth in net profit, during the financial year ended March 31, at Rs 379.4 crore as compared to Rs 300.7 crore, a year ago.

Total Business of the Bank rose by 13.06% to Rs 44,985 crore in 2014-15.

Advances increased 12.8 per cent to Rs 19,335.95 crore from Rs 17,143.85 crore. Deposits of the bank increased by 13.27 per cent to Rs 25,649.86 crore from Rs 22,645.68 crore.

The Thoothukudi-headquartered bank brought the net non-performing assets (NPAs) level to 0.67 per cent from 1.22 per cent. It dropped to Rs 128.96 crore from Rs 209.32 crore.

Gross NPAs dropped to 1.63 per cent from 2.46 per cent. In absolute terms, it dropped to Rs 318.68 crore from Rs 428.02 crore.

H S Upendra Kamath, managing director and chief executive officer of the Bank said that economy was not good last year, despite that the Bank could bring down the NPA level. Compared to peer on the NPA front both Gross and Net NPA,%age of the Bank was the least.

 

He noted, industry NPA level has Rs 7.05 lakh crore by end of March 31, 2015.

TMB is one of the few banks where NPA has come down, both in absolute terms and%age terms in difficult time. This is positive performance, claimed Kamath Bank's capital adequacy ratio (CRAR) stood at 13.89% as compared to 15.59%. CASA improved which is favourable trend. LAst year we have ran several campaign to improve CASA.

Total number of branches of the Bank stood at 430 by end of March 31, 2015. The bank plans to open 75 branches this fiscal.