Table of Content
Unaudited Financial Results of Tamilnad Mercantile Bank Ltd for Q3 FY24:
Financial Performance (Q3 2023-24):
1. Net Worth: ₹7668 crore, up from ₹6741 crore YoY.
2. Book Value of Share: ₹484, increased from ₹426 YoY.
3. Total Income: Improved to ₹1387 crore from ₹1173 crore YoY.
4. Net Profit: Increased to ₹284 crore from ₹280 crore YoY.
5. RAM Segment Advances: Rose to 91% from 89% YoY.
6. Gross NPA: Decreased to 1.69% from 1.70% YoY.
7. Total SMA to Gross Advances: Reduced to 5.34% from 8.41% YoY.
Additional Read: Q3 Results Dashboard
Bank’s Performance Highlights for Q3 FY24:
Total Business:
The bank’s total business for Q3 ended December 31, 2023, reached ₹85,185 Crores, reflecting a noteworthy growth rate of 8.87%.
Deposit and Advance Portfolio:
As of December 31, 2023, the bank’s deposit and advance portfolio stood at ₹46,799 Cr and ₹38,386 Cr, respectively.
Credit to Priority & MSME Sector:
- The bank maintains a strategic focus on advancing Priority Sectors, such as Agriculture, MSME, Education, and Housing, constituting an impressive 75% of its ANBC, surpassing the regulatory requirement of 40%.
- Advances to the Priority sector have increased to ₹28,725 Crores (previous year ₹25,636 Crores), showing a robust growth rate of 12.05%.
- Agriculture sector advances reached ₹13,338 Crores, constituting 34.75% of total advances, exceeding the regulatory requirement of 18%.
- Credit to the MSME sector witnessed growth, reaching ₹13,064 Crores (previous year ₹12,870 Crores) with a growth rate of 1.51%.
Year-on-Year Performance:
- CASA increased by ₹1,014 Crores, reaching ₹13,865 crores as of December 31, 2023, compared to ₹12,851 crores on a YoY basis.
- The bank’s deposits increased to ₹46,799 crores (previous year ₹43,440 crores).
- Advances grew to ₹38,386 crores with a substantial growth rate of 10.30% on a YoY basis.
- Net Profit for Q3 FY 2024 stands at ₹284 crores, an improvement from ₹280 crores in Q3 FY 2023.
- The bank’s Net worth surged to ₹7668 crores (previous year ₹6741 crores), demonstrating an absolute rise of ₹927 crores and a growth rate of 13.75%.
New Initiatives During Q3 FY24:
- Opened 6 new branches during the quarter.
- Introduced a novel Current Account Scheme – “TMB RERA CURRENT ACCOUNT” tailored for the Real Estate sector, catering to builders, land developers, and promoters.
- Launched two new loan products – “TMB HOME ELITE” and “TMB MINI LAP,” expanding the bank’s product portfolio and catering to diverse customer needs.
Bank’s Results
(₹ in Crores)
| Parameters | December 2023 (Q3) | December 2022 (Q3) |
| CASA | 13,865 | 12,851 |
| Deposits | 46,799 | 43,440 |
| Advances | 38,386 | 34,802 |
| Total Business | 85,185 | 78,242 |
| Retail, Agri & MSME (RAM) | 34,883 | 31,102 |
| Net Profit | 284 | 280 |
| Gross NPA (%) | 1.69% | 1.70% |
| SMA (%) | 5.34% | 8.41% |
| Networth | 7,668 | 6,741 |
| Book Value (₹) | 484 | 426 |
| EPS (₹) | 17.95 | 17.66 |
| CRAR | 25.95% | 24.44% |
Additional Read: Tamilnad Mercantile Bank Share Price
About Tamilnad Mercantile Bank Ltd (TMB)
Tamilnad Mercantile Bank Ltd (TMB), an esteemed Old Private Sector Bank headquartered in Thoothukudi, boasts a rich legacy spanning over 100 years, marked by a robust and eventful existence. With a steadfast commitment to strong fundamentals, TMB has earned an enviable track record of continuous profitability within the industry. The bank, with its pan-India presence, operates through 547 branches and 12 Regional Offices, strategically spread across 17 states and 4 Union Territories, catering to a satisfied customer base exceeding 5 million. In a recent meeting held in Thoothukudi on January 22, 2024, the Board of Directors meticulously reviewed and acknowledged the Unaudited results of the Bank for the Third quarter of FY24. The declaration of results was made by Shri. S. Krishnan, the Managing Director and CEO of the bank. The event was attended by key figures including the Chief Financial Officer, General Managers, and other Senior Executives, underscoring the collective commitment to transparency and excellence within the institution.
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Source: https://www.bseindia.com/xml-data/corpfiling/AttachLive/2a34f366-bea5-416b-85eb-2b15c2d704c5.pdf
