Tamilnad Mercantile Bank Reports 58% Rise In Net Profit
Money & Banking
Tamilnad Mercantile Bank (TMB) has disbursed over 10,000 fresh advances amounting to ₹927.63 crore under the Emergency Credit Line Guarantee Scheme (ECLGS). Sixty seven per cent of eligible accounts claimed the moratorium under the Covid-19 scheme, said the bank’s Managing Director and Chief Executive Officer KV Rama Moorthy.
The Thoothukudi-headquartered bank has reported a 57.6 per cent increase in its net profit for the year ended March 2020 at ₹407.69 crore compared with the year-ago’s profit of ₹258.58 crore.
Sharing details of the performance, Moorthy said: “The total business grew 4.68 per cent to ₹65,061.21 crore (₹62,154.67 crore). The gross and net NPA fell marginally by 0.70 per cent and 0.60 per cent to 3.62 per cent (4.32 per cent) and 1.80 per cent (2.40 per cent), respectively.
The provision coverage ratio rose to 80.75 per cent from 73.6 per cent in 2018-19 fiscal.
“Our thrust on CASA (Current Account and Savings Account) and retail lending will continue. We will leverage on technology and HR for business development and enhancing delivery efficiencies of all services.”
Published on
June 24, 2020
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Tamilnad Mercantile Bank (TMB) has disbursed over 10,000 fresh advances amounting to ₹927.63 crore under the Emergency Credit Line Guarantee Scheme (ECLGS). Sixty seven per cent of eligible accounts claimed the moratorium under the Covid-19 scheme, said the bank’s Managing Director and Chief Executive Officer KV Rama Moorthy.
The Thoothukudi-headquartered bank has reported a 57.6 per cent increase in its net profit for the year ended March 2020 at ₹407.69 crore compared with the year-ago’s profit of ₹258.58 crore.
Sharing details of the performance, Moorthy said: “The total business grew 4.68 per cent to ₹65,061.21 crore (₹62,154.67 crore). The gross and net NPA fell marginally by 0.70 per cent and 0.60 per cent to 3.62 per cent (4.32 per cent) and 1.80 per cent (2.40 per cent), respectively.
The provision coverage ratio rose to 80.75 per cent from 73.6 per cent in 2018-19 fiscal.
“Our thrust on CASA (Current Account and Savings Account) and retail lending will continue. We will leverage on technology and HR for business development and enhancing delivery efficiencies of all services.”
Published on
A letter from the Editor
Dear Readers,
The coronavirus crisis has changed the world completely in the last few months. All of us have been locked into our homes, economic activity has come to a near standstill.
In these difficult times, we, at BusinessLine, are trying our best to ensure the newspaper reaches your hands every day. You can also access BusinessLine in the e-paper format – just as it appears in print. Our website and apps too, are updated every minute.
But all this comes at a heavy cost. As you are aware, the lockdowns have wiped out almost all our entire revenue stream. That we have managed so far is thanks to your support. I thank all our subscribers – print and digital – for your support.
I appeal to all our readers to help us navigate these challenging times and help sustain one of the truly independent and credible voices in the world of Indian journalism. You can help us by subscribing to our digital or e-paper editions. We offer several affordable subscription plans for our website, which includes Portfolio, our investment advisory section.
Our subscriptions start as low as Rs 199/- per month. A yearly package costs just Rs. 999 – a mere Rs 2.75 per day, less than a third the price of a cup of roadside chai..
A little help from you can make a huge difference to the cause of quality journalism!
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