Tamilnad Mercantile Bank Expands Nationwide with 6 New Branches

Chennai, Mar 29 (PTI) Tamilnad Mercantile Bank inaugurated six new branches under its expansion plan across the country, including a new branch in Ayodhya, Uttar Pradesh, a top official said.

The Tuticorin-based bank inaugurated a branch in Rathinapuri, Coimbatore; two branches in P N Road and Peruntholuvu in the Tiruppur district; Ettayapuram in Tuticorin; Karimnagar in Telangana; and Ayodhya in Uttar Pradesh.

"Our bank has opened six new branches. We also have plans to open many more branches in the near future across India. It gives us immense pleasure to share this momentous expansion with all our stakeholders," the bank's Managing Director and CEO, Salee S Nair, said in a statement on Saturday.

The bank reported a 6 per cent rise in its October-December 2024 net profit at Rs 300.24 crore, up from Rs 284.23 crore registered in the corresponding quarter of the previous financial year.

The net profit for the nine months ending December 31, 2024, grew to Rs 890.71 crore from Rs 818.97 crore registered a year ago.

Including the new branches, Tamilnad Mercantile Bank has 578 branches and 12 regional offices across 17 states and four Union Territories, the statement said.