Tamilnad Mercantile Bank clocks FY21 net profit of Rs 603 cr

CHENNAI: Tamilnad Mercantile Bank, one of the oldest private sector scheduled commercial banks, on Tuesday reported a net profit for the year ending March 31, 2021 at Rs 603.33 crore.

The Tuticorin-based bank had clocked a net profit at Rs 407.69 crore during the corresponding period last fiscal.

Total business of the bank for the year under review grew to Rs 72,511.45 crore from Rs 65,061.21 crore registered last fiscal.

Current Account Savings Account for the year ending March 31, 2021 grew to Rs 11,685.27 crore from Rs 9,518.05 crore.

Gross NPA as on March 31, 2021 stood at Rs 3.44 per cent as against 3.62 per cent as on March 31, 2020 while net NPA as on March 31, 2021 was at 1.98 per cent as against 1.80 per cent recorded on March 31, 2020.

The board which met on Tuesday announced an interim dividend of 50 per cent — Rs five per share, the bank said.

During the year under review, the bank’s net worth increased to Rs 4,580 crore as against Rs 3,980 crore with absolute rise of Rs 600 crore registering a growth rate of 15.08 per cent.

The Net Interest Income (NII) has increased to Rs 1,537.53 crore for FY2020-21 as compared to Rs 1,3,19.51 crore registered in the same period last year.

On the business plan for the current financial year, the bank said there would be ‘consistent thrust’ on CASA growth besides leveraging technology and human resources for business development for enhancing delivery efficiencies of all banking services.

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