Tamilnad Mercantile Bank Sees Profit Surge in Q2 2024

Tamilnad Mercantile Bank reported a 10.84% increase in its net profit for Q2 2024, tallying Rs 303.18 crore. The bank's total income and business also experienced growth. Additionally, the bank reduced its Gross and Net NPAs and increased its Net Interest Margin while expanding its branch network.

Tamilnad Mercantile Bank has posted a 10.84% rise in net profit for the second quarter of 2024, amounting to Rs 303.18 crore, according to a statement issued Tuesday.

Based in Tuticorin, the bank reported an increase from last year's Rs 273.51 crore in the same quarter. Over the half-year ending September 30, 2024, profits reached Rs 590.47 crore, up from Rs 534.74 crore recorded the previous year.

The bank also announced that total income rose to Rs 1,564.88 crore for the quarter and Rs 3,079.75 crore for the half-year period. Asset quality saw improvement as Gross Non-Performing Assets (NPA) dropped to 1.37%, and Net NPA decreased to 0.46%. Additionally, the bank opened 15 new branches, taking its total presence to 567 branches while serving over 5 million customers.