Tamilnad Mercantile Bank Q4 profit remains unchanged at Rs 253 crore

Tamilnad Mercantile Bank's Q4 FY24 net profit remained unchanged at Rs 253 crore, while total income increased by 13.11%. Interest income grew to Rs 1,254 crore. The bank recommended a final dividend of Rs 10 per share. Gross and net NPAs increased marginally, but provisions declined. The board will seek shareholder approval for the dividend at the AGM.

Private sector lender Tamilnad Mercantile Bank (TMB) on Monday said its net profit stayed flat at Rs 253 crore in March 2024 quarter.

However, total income during the fourth quarter rose to Rs 1,418 crore, from Rs 1,254 crore a year ago, TMB said in a regulatory filing.

Interest income grew to Rs 1,254 crore during the quarter, as against Rs 1,070 crore in the same quarter a year ago.

The board of directors has recommended a final dividend of 100 per cent or Rs 10 per share of the face value of Rs 10 each for 2023-24, subject to the approval of the shareholders at the ensuing Annual General Meeting (AGM) of the bank, it said.

Gross non-performing assets (NPAs) increased to 1.44 per cent of gross advances during the quarter compared to 1.39 per cent at the end of March 31, 2023.

Net NPAs also went up to 0.85 per cent from 0.62 per cent at the end of fourth quarter of FY23.

Despite the rise in bad loans ratio, the bank's provisions towards NPAs and contingencies came down to Rs 24 crore in Q4FY24 from Rs 57 crore a year ago.

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