New Delhi: Tamilnad Mercantile Bank said that in the first quarter of the current financial year ended June 30, its net profit recorded a growth of 35% as a result of an increase in the bank’s income, while the bank’s net profit rose to Rs. 412 crore.
In the same quarter of the previous financial year, the bank’s net profit was Rs. 305 crore. In the June quarter of the current financial year, the bank’s total income rose to Rs. 1,901 crore, compared with Rs. 1,617 crore in the same quarter of the previous financial year.
The bank’s interest income increased to Rs. 1,662 crore. In the June quarter of the previous financial year, it was Rs. 1,386 crore.
The bank’s net interest income increased by 32 percent to Rs. 765 crore, compared with Rs. 580 crore in the first quarter of the previous financial year.
During the period under review, the bank’s operating profit rose to Rs. 611 crore from Rs. 412 crore in the same quarter last year. Similarly, the bank’s net bad loan ratio declined from 0.33 percent to 0.17 percent.
The bank will expand its operations in Tamil Nadu, Maharashtra, and Gujarat, said the bank’s Managing Director and Chief Executive Officer, Sukumaran.
