Tamil Nadu Mercantile Bank reports net profit of Rs 284 crore in third quarter

Private sector Tamilnad Mercantile Bank has reported a net profit of Rs 284 crore for the October-December 2023 quarter, the bank said on Monday. The Tuticorin-based bank had reported a net profit of Rs 280 crore during the corresponding quarter of the last financial year.

The total income of the bank during the quarter under review increased to Rs 1,387 crore from Rs 1,173 crore registered in the same period last year. The bank’s total business during the October-December 2023 quarter increased to Rs 85,185 crore from Rs 78,242 crore in the same period last year.

In a BSE filing, the bank said it is laying continued emphasis on giving advances to priority sectors such as agriculture, micro, small and medium enterprises and housing, which constitute 75 per cent of adjusted net bank credit (ANBC), as per the regulatory requirement. Is above. Of 40 percent. During the quarter ending December 31, 2023, the bank said it opened six branches and a new current account scheme ‘TMB RERA Current Account’ for builders and land developers. The bank also launched new loan products ‘TMB Home Elite’ and ‘TMB Mini Lap’ during the period, the statement said.

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(This story has not been edited by News18 staff and is published from a syndicated news agency feed – PTI)