Tamilnad Mercantile Bank reported a 35% year-on-year jump in June quarter net profit at Rs 412 crore against Rs 305 crore in the year ago period, backed by a 17.5% rise in total income at Rs 1901 crore.Pre-provision operating profit for the private sector lender stood 48% higher at Rs 611 crore.Its net interest margin for the quarter was at Rs 4.29%, up 45 basis points year-on-year. Net interest income rose 32% at Rs 765 crore.The bank has a healthy asset quality with gross non-performing assets ratio being at 0.69%, improved 53 basis points year-on-year.Its gross advances grew 27% year-on-year to Rs 57306 crore while deposits rose 20% to Rs 64409 crore at the end of June.
Tamilnad Mercantile Bank Q1 profit jumps 35% on strong income growth
Tamilnad Mercantile Bank reported a 35% year-on-year rise in June quarter net profit to Rs 412 crore, driven by higher income and net interest income. The lender also posted improved margins, stronger asset quality and robust growth in advances and deposits.
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