TMB net up 4.5% at Rs 106cr

Tuticorin-based Tamilnad Mercantile Bank (TMB) has posted 4.53% growth in net profit at Rs 105.78 crore for FY07 as against Rs 101.19 crore in the previous fiscal.

Operating profit of the company was Rs 231.20 crore, up 18.98% over Rs 194.32 crore posted in 2005-06. Net owned funds increased 15.58% to Rs 759.15 crore. Return on equity stood at Rs 14.94%, a company statement said.

Total business volume was Rs 10,035 crore, up 22.04% constituting deposits of Rs 6,020 crore (growth of 15.70% over previous year) and advances of Rs 4,047 crore (growth of 29.46% over FY06). 

TMB's net NPA has been reduced to 0.98% from 2.17% in the previous year.
 
The board has approved a dividend of 1,000%, subject to approval of the members at the AGM.

In the current fiscal, the bank is targeting net profit of Rs 150 crore with a business volume of Rs 13,000 crore with Rs 7600 crore deposits and Rs 5,400 crore advances. It also targeting to reduce the net NPA at zero level by March 2008.