TMB FY16 net profit grows 6% to 402 crore

RChennai, June 10: Tuticorin-based private sector lender Tamilnad Mercantile Bank (TMB) has reported a 6% growth in its net profit to R402.16 crore for the financial year ended March 31, 2016, compared with R379.40 crore in the previous fiscal.

The interest income of the bank during the year increased to R3,252.17 crore, from R2,835.53 crore, an increase of 14.69%. Other incomes were at R318.44 crore.

HS Upendra Kamath, MD & CEO, in a statement said the well devised business strategy, coupled with efforts of the management team and the TMBians, has resulted in significant business growth. Total business of the bank at the end of fiscal year 2016 stood at R52,946.59 crore with a growth rate of 17.7% on a year-on-year basis.

The bank’s deposit portfolio recorded a growth rate of 18.40% to touch R30,368.88 crore and advances touched R22,577.71 crore at a Y-o-Y growth rate of 16.77%.

The bank has been giving continued thrust on advances to priority sectors such as agriculture, MSME, education and housing.

Gross NPAs as percentage to total advances was at 1.86%, while the net NPA was 0.89% of total advances.

As on March 31, 2016, the bank had 487 branches and 1,015 ATMs with 10 regional offices. The bank has presence in 15 states and four Union Territories serving more than 3.4 million customers.

Kamath said the bank has plans to increase the branch network to 511 by adding 24 new branches and increase the ATM network to 1,150 by adding 135 new ATMs during the current financial year.

The bank will be setting up two regional offices at Salem and Ahmedabad within this month. It will be setting up 14 more e-Lobbies and more SME branches as well opening one specialised NRI branch and 5 NRI cells.