info@afternoonnews.in +91 98940 - 95096

Today Date : Monday, May 27, 2024

TMB board of directors approve audited financial results for the financial year

TMB board of directors approve audited financial results for the financial year

Tamilnad Mercantile Bank Ltd (TMB), a renowned bank in the Old Private Sector Banking realm, headquartered in Thoothukudi, celebrated over a century of operational excellence. With a robust foundation and a history of profitability, TMB boasts a nationwide presence, serving over 5 million satisfied customers through its network of 552 branches and 12 Regional Offices across 17 states and 4 Union Territories.
In a recent milestone, the Board of Directors of TMB convened at Thoothukudi to approve the Audited Financial Results for the Quarter and Financial Year ended March 31, 2024. 
Led by S Krishnan, Managing Director and CEO, the bank's leadership team, including the Chief Financial Officer, General Managers, and other senior officials, oversaw the declaration of results.
The financial highlights for the year underscore TMB's resilience and growth trajectory:Total Business surged to Rs 89,485 crore from Rs 85,348 crore Year-on-Year (Y-o-Y), Current Account Savings Account (CASA) deposits increased to Rs 14,676 crore from Rs 13,736 crore Y-o-Y, Book Value of Share rose to Rs 500 from Rs 438 Y-o-Y, Net profit witnessed a significant uptick, reaching Rs 1,072 crore from Rs 1,029 crore Y-o-Y, Interest income improved to Rs 4,848 crore from Rs 4,081 crore Y-o-Y, Total income surged to Rs 5,493 crore from Rs 4,710 crore Y-o-Y, The Retail, Agriculture, and MSME (RAM) segment saw growth, rising to 91% from 87% Y-o-Y, The Capital to Risk (Weighted) Assets Ratio (CRAR%) climbed to 29.37% from 26.26% Y-o-Y, Total Stressed Assets, including Special Mention Accounts (SMA), decreased significantly, with SMA to Gross Advances reducing to 3.97% from 6.51% Y-o-Y, and the Stressed Assets ratio declining to 2.70% from 3.18% Y-o-Y.