Tamilnad Mercantile Bank posted 64% growth in net profit
By Neelima Shankar
Nov 20, 2012
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Co-operative bank, Tamilnad Mercantile Bank has registered growth in its net profit by 64 per cent at Rs 189 crore for six month period which ended on September 30, 2012 as compared to Rs 115 crore in the corresponding period of the previous year.

The board of directors of Tamilnad Mercantile Bank has approved an interim dividend of 9000 per cent i.e. Rs 900 per share of Rs 10 face value.

The bank's Net Interest Income (NII) also rose by 38 per cent to Rs 113 crore. The Net Interest Margin also increased up to 4.3 per cent from 4.05 per cent last year.

Total Business of Tamilnad Mercantile bank has grown by 30 per cent to Rs 33,400 crore as compared to Rs 25,800 crore for the corresponding period in the previous year. Gross Non-Performing assets (NPAs) have also decreased from 1.58 per cent to 1.52 per cent.

In a press release, the bank said that they are planning to expand its branch network to 330. Currently, there are 300 branches. They also lay an ambition to increase ATMs to 500 from 400 presently by the end of the current financial year.


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