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Net interest income increased by 15.37% year on year (YoY) to Rs 1,156 crore in the quarter ended 30 June 2023.
Operating profit rose 1.47% to Rs 379.90 crore in Q1 FY24 from Rs 374.40 crore posted in Q4 FY22.
On the asset quality front, gross non-performing assets (NPAs) amounted to Rs 580.72 crore as of 30 June 2023 as against Rs 572.15 crore as on 30 June 2022 and Rs 521.46 crore as on 31 March 2023.
Gross NPA ratio was 1.56% as of 30 June 2023 as against 1.69% as on 30 June 2022. Net NPA ratio was 0.66% as of 30 June 2023 as against 0.93% as on 30 June 2022
Provision coverage ratio (PCR) stood at 90.49% as of 30 June 2023 as against 88.08% as of 30 June 2022.
Deposits of the bank stood at Rs 47,008 crore as of 30 June 2023, recording a growth of 8.73% YoY. Total advances of the bank stood at Rs 37,292 crore as of 30 June 2023, up by 10.26% YoY.
CRAR stood at 26.57% as at 30 June 2023 as against 21.67% as of 30 June 2022. Out of total CRAR, CET-1 was 24.94%.
The bank said that it has opened 6 branches during the Q1FY24.
Tamilnad Mercantile Bank is one of the renowned old private sector banks. TMB has a pan India presence with 536 branches, 1,149 ATMs and 324 CRMs.
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