Business
Tamilnad Mercantile Bank Q1 profit jumps 35% on strong income growth
Tamilnad Mercantile Bank reported a 35% year-on-year jump in June quarter net profit at Rs 412 crore against Rs 305 crore in the year ago period, backed by a 17.5% rise in total income at Rs 1901 crore.
Pre-provision operating profit for the private sector lender stood 48% higher at Rs 611 crore.
Its net interest margin for the quarter was at Rs 4.29%, up 45 basis points year-on-year. Net interest income rose 32% at Rs 765 crore.
The bank has a healthy asset quality with gross non-performing assets ratio being at 0.69%, improved 53 basis points year-on-year.
Its gross advances grew 27% year-on-year to Rs 57306 crore while deposits rose 20% to Rs 64409 crore at the end of June.
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