CHENNAI: Tamilnad Mercantile Bank Ltd (TMB), headquartered in Thoothukudi reported a 10.58 per cent jump in net profit at Rs 303 crore for the half year ended September 2024, from Rs 274 crore on a y-o-y basis.
The Board of Directors of TMB approved the unaudited financial results of the quarter and half year ended September 30,2024 in their meeting held at Thoothukudi on October 28, 2024.
The operating profit has improved to Rs 465 crore from Rs 365 crore, registering a growth of 27.40 per cent. The NIM has increased to 4.25 per cent from 4.10 per cent, an increase by 15 bps. Non interest income has improved to Rs 227 crore from Rs 156 crore, an increase of 45.51 per cent. The bank saw its gross NPA decrease to 1.37 per cent from 1.70 per cent, improved by 33 bps. Net NPA has dipped to 0.46 per cent from 0.99 per cent, improved by 53 bps.
TMB has opened 15 new branches during H1FY25. Salee S Nair has joined TMB as MD-CEO on August 29, 2024 from SBI. Prior to this appointment, he served as deputy MD and chief credit officer at SBI.
Vincent Menachery has joined the Bank as ED on September 27 this year from SBI.