The Tuticorin based Tamilnad Mercantile Bank released its Q1 results for this fiscal. In the release it recorded a massive increase of 79 percent in its profits. Its net profits were reported to be Rs. 91 crore this year.
The bank's deposits segment grew by 27.84 percent and was recorded at Rs 17,649 crore. The bank disbursed loans worth Rs. 14,553 crore, an increase of 37 per cent from the last year.
On the performance of the bank, Mr Nagendra Murthy, the Chief Executive Officer of the bank said that "Our credit-deposit ratio has been hovering at over 81 per cent from the start of this fiscal compared with 71-72 per cent last fiscal. This is proof enough to show that we have not had idle funds."
He further added that the bank has increased its focus on the micro, small and medium enterprises sector (MSMEs) specially in Tier II and III towns. He also said that the bank is taking steps to improve its CASA (Current Account, Savings Account) in the current fiscal and that the bank plans to add 50 more branches to its network across the country.