Tamilnad Mercantile Bank first-half profit up by 60 per cent at Rs 241 crore

NEW DELHI: Tamilnad Mercantile Bank Ltd (TMB) has reported a 60 per cent jump in its net profit in the six months of this year to Rs 241.54 crore, against Rs 151.07 crore reported during the same period last year.

Net NPA, meanwhile, dropped by 46.24 per cent to Rs 335.61 crore from Rs 624.29 crore, while in percentage terms it dropped to 1.16 per cent from 2.40 per cent.

Gross NPA dropped 25 per cent to Rs 1,010.53 crore from Rs 1,346.65 crore, in percentage dropped to 3.41 per cent from 4.91 per cent.

The total business of the bank at the half-year ended September 2020 stood at Rs 66,765.27 Crores with a growth rate of 9.72 per cent, the bank said in its financial statement.

Credit to MSME sector rose to Rs 11,674.62 crore (previous year Rs 10,241.72 crore) with a growth rate of 13.99 per cent.

The bank said it is targeting to close the fiscal with total business above Rs 72,500 crore, deposits of over Rs 40,500 crore and advances over Rs 32,000 crore and is expecting net profit at Rs 480 crore.