Tamilnad Mercantile Bank Q3 Profit Flat at Rs 284 cr

Mumbai, Jan 22 (PTI) Private sector lender Tamilnad Mercantile Bank's net profit remained flat at Rs 284 crore in the December quarter despite a massive growth in lending.

The bank, based out of Thoothukudi, Tamil Nadu, had reported a net profit of Rs 280 crore in the year-ago period.

Tamilnad Mercantile Bank (TMB) MD and CEO S Krishnan said the lender's total income improved to Rs 1,387 crore from Rs 1,173 crore last year during the quarter under review.

The share of its retail and farm loan book increased to 91 per cent at Rs 34,883 crore, taking the total advances to Rs 38,386 crore from Rs 34,802 crore, the bank said.

The lender saw its net Non-Performing Assets (NPAs) inching down to 1.69 per cent in the third quarter of the ongoing fiscal from 1.70 per cent a year ago.

The bank's total business during the quarter stood at Rs 85,185 crore, registering a growth of 8.87 per cent, of which deposits consisted of Rs 46,799 crore, and disbursals of Rs 38,386 crore.

Its advances to the priority sector increased to Rs 28,725 crore, up from Rs 25,636 crore, while its advances to the agriculture sector stood at Rs 13,338 crore, constituting 34.75 per cent of the total advances.

The bank said its credit to MSMEs also increased to Rs 13,064 crore during the quarter from Rs 12,870 crore a year ago.

TMB has a pan-India presence with 547 branches and 12 regional offices across 17 states and 4 Union Territories and serves more than 5 million customers.