Gains at Tamilnad Mercantile Bank reached Rs 2,349 crore, up 4%

Tamilnad Mercantile Bank, situated in Tamilnadu, reported a 4% increase in net profit in FY24 to Rs 1,072 crore from Rs 1,029 crore the previous year.

From Rs 4,710 crore in FY23 to Rs 5,493 crore in FY24, total income increased. From Rs 4,081 crore in FY23 to Rs 4,848 crore in FY24, interest income increased. From Rs 85,348 crore in FY23 to Rs 89,485 crore in FY24, the total business has grown. From Rs 13,736 crore in FY23 to Rs 14,676 crore in FY24, CASA increased.

Regarding asset quality, net NPA was 0.85% (compared to 0.62% in FY23) and gross NPA as a percentage of total advances was 1.44 % (compared to 1.39% in FY23). The stressed assets ratio fell to 2.70% from 3.18%, while the total SMA (special mention account) to gross advances dropped to 3.97% from 6.51%.