The Board of Directors of Tamilnad Mercantile Bank Ltd (TMB) took on record the Unaudited results of the Bank for the Second quarter of FY24 in their meeting held at Madurai on 27.10.2023.

S.Krishnan, Managing Director and CEO of the bank declared results. Chief Financial Officer, General Managers and other senior officials of the Bank were also present at the event.

Speaking at the event, S.Krishan said 91% of loans provided by TMB was given to customers belonging to the Retail, Agriculture and MSME categories. Krishnan said that since the inception of TMB, the bank has been very supportive of Retail, Agriculture and MSME customers.

He said that the net worth of the bank has increased to Rs.7,384 crore from Rs.6,461 crore, Year on Year, and its total income has improved to Rs.1,365 crore from Rs. 1,141 crore. Its Net Profit has increased to Rs.274 crore from Rs.262 crore Y-o-Y.

Krishnan added that the bank's Gross Non Performing Asset (NPA) is 1.70% which is the same as last year while the bank's Special Mention Account (SMA) has reduced to 5.59% from 12.42% on total advances. He expressed that this indicates that the bank is healthy and there is less chance of big slippages.

Krishnan further said that TMB is doing Business Process Re-engineering through which they are concentrating on ways to improve the processes and services they render. He also said will continue to provide the same high quality service and the customer support it is known for.

The total business of the bank at the Second quarter ended 2023-24 stood Rs.85,092 Crores with a growth rate of 9.07%. The Bank's deposit and advance portfolio stood at Rs.47,314 Cr and Rs.37,778 Cr respectively.