Tamilnad Mercantile Bank Expands Footprint with Six New Branches

Tamilnad Mercantile Bank has expanded its presence by opening six new branches across India, including in Ayodhya, Uttar Pradesh, as part of its ongoing growth strategy. The bank's net profit for the October-December 2024 quarter rose by 6 percent compared to the previous year.

Tamilnad Mercantile Bank has launched six new branches across India, including a notable opening in Ayodhya, Uttar Pradesh. This expansion aligns with the bank's strategic growth plans, according to a statement by Managing Director and CEO, Salee S Nair.

Alongside the new branch in Ayodhya, the bank has also inaugurated locations in Rathinapuri, Coimbatore; P N Road, and Peruntholuvu in Tiruppur; Ettayapuram in Tuticorin; and Karimnagar in Telangana. This brings their branch count to 578 across 17 states and four Union Territories.

Financially, Tamilnad Mercantile Bank continues to perform well, reporting a 6% increase in net profit for the October-December 2024 period, totaling Rs 300.24 crore, a rise from Rs 284.23 crore in the corresponding quarter of the previous year. The year-on-year growth also reflected in the nine-month profit, rising from Rs 818.97 crore to Rs 890.71 crore.

(With inputs from agencies.)