Tamilnad Mercantile Bank's Strategic Growth Fuels Profits

Tamilnad Mercantile Bank reported a 6% increase in net profit to Rs 300.24 crore for Q3FY25, driven by growth in core lending and deposit businesses. The bank opened five new branches and entered strategic partnerships, reflecting its commitment to expanding reach and enhancing customer experience.

Tamilnad Mercantile Bank Ltd, a private sector bank, announced a net profit of Rs 300.24 crore for the October-December 2024 quarter, marking a 6% increase. This growth is attributed to strong performance in its core lending and deposit operations, according to senior executives at the company.

Compared to the previous year, the bank's net profit rose from Rs 284.23 crore in the corresponding quarter. For the nine-month period up to December 31, 2024, profits surged to Rs 890.71 crore from Rs 818.97 crore. The bank's total income also experienced growth, reaching Rs 1,519.94 crore for the quarter under review.

The bank continues to expand, having opened five new branches in key markets, aiming to strengthen its distribution network. Strategic partnerships with companies like Oracle and Deloitte further support its digital transformation and operational efficiency goals, contributing to sustainable growth.

(With inputs from agencies.)