Tamilnad Mercantile Bank's net profit surges 11 pc in fourth quarter

NEW DELHI: Tamilnad Mercantile Bank on Monday on Monday posted an 11 per cent surge to Rs 253.05 crore for the quarter ended March 31, 2023, against Rs 226.95 crore in the year-ago period. According to a statement shared with stock exchanges, the total income rose 4.5 per cent to Rs 1,254 crore in the reviewed quarter, against Rs 1,200 crore in the corresponding quarter of the previous year. Total expenditure went up 3 per cent to Rs 849.60 crore, against Rs 774.27 crore in the year-ago period.

Operating profit dropped 6 per cent to Rs 404.41 crore in the reviewed quarter, against Rs 426.39 crore in the year-ago period. According to the statement, the bank's board of directors recommended a final dividend of Rs 5 per equity share, in addition to an interim dividend of Rs 5 per share paid on March 6, 2023, for the year ended March 31, 2023, subject to requisite approval.

In September last year, Tamilnad Mercantile Bank announced the appointment of Krishnan Sankarasubramaniam as the managing director and chief executive officer with effect from September 4, 2022, for three years, approved by the Reserve Bank of India (RBI), pursuant to its letter of approval dated August 18, 2022.